September proved to a be a slowdown for the pace of transactions in the dealer, aftermarket and supplier channels.
Four announcements hit the newswire in the first eight days of the month before transaction activity slowed.
The first transaction was Stellar Industries acquiring Midwest Fire, a custom fire apparatus manufacturer headquartered in Luverne, Minn. “While fire apparatus represents a new market for Stellar, Midwest Fire’s commitment to solid manufacturing and quality products is very familiar to us,” said Dave Zrostlik, president of Stellar. “This acquisition represents an exciting step forward as we expand into an adjacent market built on quality, trust and service.”
Next was Decisiv announcing the successful purchase of KEA Advisors, a sale first reported on March 25. “With KEA now part of Decisiv, dealerships get one platform that connects what the data shows to what actually happens in their operations. That is Performance as a Platform, powered by AI and delivered in real time. And it’s the standard the industry has been waiting for,” said Tim Hardin, president and CEO of Decisiv.”
Another previously announced transaction finalized was Rush Enterprises’ entrance into the refrigeration dealer business through a joint venture with MCT Companies. “This transaction represents Rush Enterprises’ first investment in a dealership group that is not focused on commercial vehicle sales, and we believe that the closing of this transaction is an important step in our ability to achieve growth through investments in businesses that are adjacent to the commercial vehicle market,” said Rush Chairman, President and CEO Rusty Rush.
Next on Sept. 9, Trane Technologies announced its purchase of nine Thermo King dealer locations. The purchase represents Trane’s second company-owned dealer network. “Together with the dealership’s strong reputation and experienced team, we will strengthen our position in the Midwest markets and make an even greater impact for our customers and the industry as we open new doors for innovation and growth,” said Mark Dudek, general manager at Thermo King Americas.
After a three week lull, the month closed with Gates’ purchase of Timken’s belts business. “The completion of this acquisition strengthens Gates’ position in power transmission and supports our strategy to grow in industrial and mobility markets,” said Tom Pitstick, president of the Americas at Gates. “We are pleased to welcome the new team members who are joining Gates and look forward to building on our combined capabilities to create value for our customers, employees and stakeholders.”
