The supplier channel generated the most acquisition news in the trucking sales and services sector in July.
Dealers and distributors were surprisingly quiet, although a few currently active organizations announced their next moves for growth.
The market’s first acquisition came on July 5, when Gold Eagle Co. acquired Lubrication Specialties Inc. (LSI), producer of Hot Shot’s Secret line of brands. “LSI has always been dedicated to creating high quality products, and it starts with how they approach research and development,” said Marc Blackman, CEO of Gold Eagle. “They have an established record of identifying engine, transmission and fuel system issues and then developing state-of-the-art chemistry to develop best in class solutions.”
The following day, Clarience Technologies announced its further expansion, adding Pressure Systems International (PSI). “As EV fleets seek to maximize range and minimize downtime, tire rolling resistance is playing an increasingly important role in determining EV range,” says Brian Kupchella, CEO of Clarience Technologies. “PSI is an industry innovator that extends our technology capabilities, making the company a strong strategic fit with Clarience Technologies.”
Another active supplier in July was Green Power Motor Company, which acquired Lion Truck Body to add strong potential to GreenPower’s Star EV truck customers. “Our customers are looking for energy-efficient solutions that maximize cargo capacity and delivery range. Lion Truck Body’s body expertise with our Star CC EV directly addresses these requirements,” said Brendan Riley, president of GreenPower. “This acquisition provides our EV Star truck customers with many options for any number of body types needed to meet their business needs.”
The only aftermarket move in July came from FleetPride, which acquired Keystone Spring and its two Pennsylvania locations. “It is a pleasure to welcome the Keystone Spring Service team to FleetPride,” said Mike Harris, senior vice president of sales and operations, FleetPride. “The Valant family has built and developed a first class team that is focused on customer service and a strong culture for employees, making it a great choice. I’m proud to say that the Valant family chose FleetPride in this process.”
In the dealership segment, Velocity Truck Centers expanded again with the acquisition of Kentucky Freightliner Trucks. “We are delighted to add Lexington to what is now the most comprehensive sales, service and support network in the South Central and Southeast. It has been a pleasure working with owners Todd and Ed Bray throughout this process,” said VTC co-presidents Brad Fauvre and Conan Barker. “We are very pleased to welcome the strong team of dedicated employees to Velocity.”
Interstate Companies also announced its purchase of Lodi Truck & Equipment in Sacramento, Calif., in July. “Lodi’s business is a great fit for us and we are very pleased to add their leader, Spencer Hinson, to our management team as part of this agreement. Added to our existing operations at Southwest Products (SWP) in Phoenix, the combination will be an incredible resource for our customers with operations in the Southwest and Western United States,” said Travis Penrod, CEO of Interstate. .
Back in the supplier business, Cox Automotive acquired Trudell Trailers and Northeast Great Dane on July 21. The acquisition of Trudell represents our continued commitment to lead the future of fleet services and safely service trucks and trailers nationwide,” said Ted Coltrain, vice president of Cox Automotive Mobility Fleet Services. .
Randon Companies was another very active supplier. The Brazil-based global manufacturer has purchased North American trailer maker Hercules, with plans to enter the US trailer business. “Entering the US market is a historic step for Randon Implementos, with growth potential due to the competitiveness and characteristics of this country’s transport and logistics model,” said Sandro Trentin, General Manager of the vertical trailers from Randon Companies.
The month ended with Epika Fleet Services announcing a partnership with CS Truck & Trailer Repair of Lithonia, Ga. “This is an exciting union for Epika,” said Glenn Sherburne, Executive Chairman, Epika Fleet. Services. “Not only are we excited to welcome the entire CS Truck & Trailer team to our company, but it helps us expand our mobile maintenance and repair network in Atlanta. Additionally, we are increasing the capacity of our existing in-shop repair network while adding new paint and body repair services. »
July ended with the announcement that private equity firm Genstar Capital had completed the sale of BBB Industries to Clearlake Capital Group, a move first announced in May. Genstar will remain a minority shareholder in the company. “Genstar has been a great partner over the past few years and we are delighted to continue with them given their continued investment in the business,” said BBB CEO Duncan Gillis.