TPS M&A Summary for May 2024

The spring slowdown in transactions continued in May across dealer, aftermarket and trucking supplier channels.

The biggest news of the month was a large sale of used truck space. However, as the month closed out, several other investment and supplier moves were announced.

The biggest news first came when the Japanese company Mitsui & Company Ltd. acquired all shares in the Taylor & Martin Enterprises auction house. When the deal was announced, Mitsui said it would combine its multi-sector networks and solutions with Taylor & Martin’s truck auction experience. By expanding geographically by establishing more auction sites in the North American market and increasing the number of services, Mitsui will improve the customer experience and contribute to Taylor & Martin’s continued growth, the company says.

Investment announcements were also published in May.

On May 13, Heavy Duty Consulting Corporation entered into a strategic partnership with Notre Capital, further expanding its capabilities in providing comprehensive advisory services, in particular in the field of mergers and acquisitions. “We are thrilled to welcome our new partner Notre Capital to HDC,” said Jamie Irvine, CEO of Heavy Duty Consulting Corporation. “This partnership represents a significant milestone in our journey to expand our capabilities and offer unparalleled value to our customers.”

Another investment was made by the venture capital arm of Allison Transmission, which provided $10 million to EnerTech Capital, a venture capital firm focused on developing new technologies and business models in the mobility space. “We are thrilled to have Allison Transmission join our newest fund, The Global Strategic Mobility Fund, as an investor. The partnership between Allison Transmission and our company will provide actionable insight into emerging technologies that will help complement their internal innovation strategy,” said Wally Hunter , Managing Partner, EnerTech Capital.

In the supplier space, Shur-Co announced on May 22 that it had acquired AB Airbags, a supplier of dunnage airbags, accessories and cargo securing solutions. “This is an exciting opportunity for Shur-Co and we are excited to partner with the innovative and entrepreneurial team at AB Airbags. Shur-Co and AB have complementary product lines, and this acquisition is a natural extension of our existing product categories and an opportunity to grow our relationships with existing customers as we work to meet their cargo inspection and security needs,” said Chad Heminover, director General Shur-Co.

M&K Truck Centers has acquired Austinburg Truck Center in Austinburg, Ohio, also negotiating to expand its territory in Ohio and Pennsylvania as part of the transaction. “This expansion allows us to increase our capabilities and physical presence in the Northeast region,” says Josh Wolf, M&K chief operating officer. “Our continued commitment is to meet all of our customers’ requirements and offer exceptional customer service during the transition and for many years to come.”