The spring transaction slowdown continued in May in trucking's dealer, aftermarket and supplier channels.
A major sale in the used truck space was the biggest news of the month. But as the month closed there were some other moves announced in the investment and supplier space.
The big news came first, when Japanese firm Mitsui & Company Ltd., acquired all shares in auction house Taylor & Martin Enterprises. Mitsui stated when the transaction was announced that it will combine its multisector networks and solutions with Taylor & Martin's truck auctioning expertise. By geographically expanding the business through the creation of more auction sites in the North American market, and by increasing services, Mitsui will enhance the customer experience and contribute to Taylor & Martin's further growth, the company said.
May also featured some investment announcements.
The Heavy Duty Consulting Corporation on May 13 entered a strategic partnership with Notre Capital, further enhancing its capabilities in providing comprehensive consulting services, specifically in mergers and acquisitions. "We are thrilled to welcome our new partner Notre Capital to HDC," said Jamie Irvine, CEO of the Heavy Duty Consulting Corporation. "This partnership marks a significant milestone in our journey towards expanding our capabilities and offering unparalleled value to our clients."
Another investment was made by Allison Transmission's venture capital arm, which committed $10 million to EnerTech Capital, a venture capital firm focused on the development of emerging technologies and business models in the mobility space. "We are excited to have Allison Transmission join as an investor in our latest fund, The Global Strategic Mobility Fund. The partnership between Allison Transmission and our firm will provide actionable insights into emerging technologies that help complement their internal innovation strategy," said Wally Hunter, managing partner, EnerTech Capital.
In the supplier space, Shur-Co announced on May 22 it had acquired AB Airbags, a supplier of dunnage airbags, accessory tools and cargo securement solutions. "This is an exciting opportunity for Shur-Co, and we're pleased to start working with the innovative and entrepreneurial team at AB Airbags. Shur-Co and AB have complementary product lines, and this acquisition is a natural expansion of our existing product categories and a chance to grow our relationships with existing customers as we work to meet their cargo control and protection needs," said Chad Heminover, CEO of Shur-Co.
M&K Truck Centers acquired Austinburg Truck Center in Austinburg, Ohio, also negotiating expanded territory in Ohio and Pennsylvania as part of the deal. "This expansion allows us to increase our capabilities and physical presence in the Northeast region," says Josh Wolf, M&K's COO. "Our dedication remains on satisfying all of our customers' requirements and offering exceptional customer service during this transition and for many years ahead."
