February is the shortest month of the year. However, that didn’t stop it from being one of the busiest M&A routes in recent months.
After an active acquisition of truck dealerships and service businesses in January, other market sectors were more active in February.
Pioneering manufacturer and supplier
An important acquisition was an expansion of the OEM community. Navistar announced on Feb. 12 that it had purchased a second property in San Antonio that will host support functions for its trucking plant under construction in the area. “We are increasing our investment in San Antonio because local and state executives have created a business climate that supports manufacturing innovation and attracts talented employees,” said Persio Lisboa, President and CEO of Navistar.
Another manufacturer acquisition came from Gamber-Johnson. The mounting systems provider signed an agreement on February 17th to acquire Premier Mounts, a provider of audio-visual mounting systems. “Gamber is the leader in mounting technology in mobile environments, with Premier leading in mounting displays in static environments,” said Brian Wagner, President of Gamber-Johnson.
Corecentric was busy taking over Vendorin from Juvo Technologies this month as well. Together with Corcentric’s supplier relationships, Vendorin enables Corecentric to further monetize transactions through payments, supply chain financing and group buying. In addition, by using its supplier network, the company offers the possibility of shifting payments to electronic forms and increasing general acceptance among suppliers.
Federal Signal also strengthened its business with the acquisition of OSW Equipment and Repair, a dump truck maker and custom builder of truck equipment and trailers. “The acquisition of OSW is a highly strategic transaction and adds three leading brands serving attractive infrastructure, construction and other industrial end markets,” said Jennifer L. Sherman, president and CEO of Federal Signal.
Then there was Goodyear, which made waves in the tire industry by acquiring Cooper Tire. Goodyear said the transaction will expand Goodyear’s product offering by combining two portfolios of complementary brands. “This is an exciting and transforming day for our companies,” said Richard J. Kramer, Chairman, CEO and President of Goodyear.
Independent channel, dealers have a slow month
The Canadian parts dealer North End Spring was taken over by the investment firm White Spruce Partners. The acquisition will not change the way North End Spring does business, but it will grow the company. “White Spruce Partners and the Nieroda family are the right choice to build on the strong foundations of our family business and take North End Spring to the next level,” said Debbie Zajaros, owner of North End Spring.
Then there was Dickinson Fleet Services. A month after its own acquisition, the company made its 11th acquisition since 2017 when it acquired Diesel Minnesota. “DMI has built a solid reputation in the Minneapolis area as a provider of high quality, customer-centric repair services in the local Minneapolis community,” said Ted Coltrain, executive officer of Dickinson Fleet Services.
There were only three dealer acquisitions in February. The first came from iTA Truck Sales and Service, which added its sixth international trucking office through the acquisition of the Timmons Truck Center in Baton Rouge. “This acquisition positions iTA Truck Sales and Service as the leading mid-size truck dealership in southern Louisiana and expands our presence from Lake Charles to New Orleans,” said Christopher Schouest, CEO of iTA.
The second dealer acquisition was Peach State Truck Centers, which added the Western Star brand from Long-Lewis of Birmingham, Ala. “This step ensures the continued focus on Daimler Trucks North America and improves our ability to offer the leading brand for professional trucks with first-class parts. Service and support for our customers in Central Alabama, ”said Rick Reynolds, President and Distributor of Peach State.
Finally, JX Enterprises closed the month with the acquisition of Heartland Peterbilt in Effingham, Illinois. “We are proud to welcome Heartland Peterbilt and its dedicated employees to the JX family and would like to thank Diana Nuxoll and her entire team for their hard work,” said Eric Jorgensen, President and CEO of JX Truck Center.