The rate of transactions across the aftermarket, dealer and supplier sectors crept up in October, with notable announcements found in all three channels.
The dealer segment had the most activity but news came consistently across the month as all segments were represented.
The month’s activity began on Oct. 8, when Trane Technologies and Thermo King acquired Thermo King West. The move was the second acquisition by Thermo King of within its dealer network this fall. “The continued growth of our company-owned dealer channel is a strong indicator of our commitment to taking care of our customers,” said Mark Dudek, dealer general manager at Thermo King Americas. “With this dealership’s strong reputation and experienced team, we strengthen our position in critical markets and open new doors for innovation and growth.”
Next was Coast Counties Truck & Equipment Company, known as Coast Counties Peterbilt, who acquired Peterbilt Truck Parts & Equipment in Reno, Nev. “John Phillips and his team have built a tremendous business in northern Nevada and we have a great deal of respect for what they have accomplished,” said Mike Sorensen, president of Coast Counties Peterbilt. “We’re excited to bring our organizations together, support the great team already in place and build on the strong foundation they have created.”
Eagle Leasing followed, announcing on Oct. 14, its purchase of Mobile Storage, a Providence, R.I., provider of storage container and trailer rentals. The acquisition provides Eagle Leasing a location to better serve the Rhode Island, Massachusetts and Connecticut markets. “Bringing Mobile Storage into Eagle gives us an established presence in Providence and allows us to build on what the Hogan family has created while offering customers access to a broader fleet and additional products,” said Mike Ferrantino, chief strategy officer at Eagle Leasing.
The month’s biggest news came the next day, when Penske Automotive Group reported a merger with Motown Acquisition Corp., owned by Penske Corporation and Mitsui & Company, that will take the company’s dealer operations private. “Together with Mitsui, we will build on PAG’s operational excellence and draw on our combined capabilities and networks to drive innovation and expand PAG’s business through new opportunities and collaborative projects,” said Roger Penske, chair and CEO.
Procede Software was next to grow. The company on Oct. 22, acquired RIMSS (Responsive Information Management Systems and Services), a DMS provider serving agriculture, construction and transportation dealers. “When Rubicon invested earlier this year, Procede committed to reinvesting in our people, our technology and the industry,” said Procede Chair and CEO Larry Kettler. “RIMSS is the next step on that journey, and we’re excited to build on our shared core values while bringing industry-leading software and services to even more dealers.”
Then in aftermarket supplier space, Alliant Power reported its purchase of Family Machine’s Denver remanufacturing operation. “This acquisition is about serving our customers better and faster. Family Machine brings talented people, generations of machining expertise and specialized capabilities that strengthen Capital Reman Exchange and Alliant Power. Together, we are increasing capacity and technical depth while improving our ability to deliver the quality, reliability and responsiveness our customers count on,” said Houman Kashanipour, CEO of Alliant Power.
The month closed back in the dealer sector, where K. Neal Truck & Bus Center announced its purchase of Highway Motors and its four locations in Virginia. “We are thrilled to finalize this acquisition and officially welcome the Highway Motors team and customers into the K. Neal Truck & Bus family,” said Korey Neal, president and CEO. “The Mid-Atlantic is a strong economic corridor, and we see tremendous opportunity for growth and expansion here. We are fully committed to building on Highway Motors’ foundation and growing our footprint across the entire region well into the future.”
