ARB ACQUIRES AUTO STYLING TRUCKMAN GROUP
Truckman is an industry recognised brand leader in the UK
ARB has announced its acquisition of Auto Styling Truckman Group, which trades as Truckman.
Truckman is a leading manufacturer and distributor of utility accessories in the United Kingdom.
It is principally focused on rear of vehicle products such as canopies, bed liners and general utility vehicle products.
The acquisition meets ARB’s aim of expanding international distribution and aligns with the company’s evolving product strategy.
The Truckman business is based at its 4,860m2 head office and central distribution hub in Birmingham in the UK. It was founded in 2002 and currently employs around 80 staff.
ARB will retain all existing staff and management and the Truckman business will continue to operate in the usual way with the added support of ARB’s expertise and resources.
Michael Wheeler and Richard Langman, the long-term Chairman and Managing Director of Truckman respectively, will continue to manage the business.
The maximum net cash purchase of AUD 39.44 million includes AUD 17.92 million payable upon completion, deferred payments of AUD 7.17 million and a further amount of up to AUD 14.16 million subject to performance hurdles over the next three years.
The purchase includes the business operations of Truckman and a property from which the business operates.
The purchase is being funded from ARB’s existing cash resources and ARB says the business is expected to operate profitability from the commencement of ARB ownership, effective 2 March 2021.
The acquisition adds scale to ARB’s global business and provides a base for the Group in Europe’s largest utility vehicle market.
In its announcement to the ASX regarding the acquisition, the ARB Board said it welcomes the employees and management of Truckman to the ARB Group and looks forward to working with them to grow the business.
For more from ARB, visit www.arb.com.au