Alamo Buying Super Products, Others
Alamo Group Inc., Seguin, Tex., which in December was rebuffed in an attempt to buy Bandit Industires, has now announced that it has entered into an agreement to acquire the operating units of Specialized Industries, LP. The deal includes the businesses of Super Products LLC, Wausau-Everest LP both in New Berlin, Wis., and Howard P. Fairfield LLC, Skowhegan, Maine. Super Products is a manufacturer of vacuum trucks and related equipment, parts and service, which Alamo said is complementary to its VacAll operation. Wausau-Everest is a manufacturer of snow removal equipment which is complementary to Alamo's Tenco and Henke operations. And, Howard P. Fairfield is a dealer/distribution operation primarily in the New England area.
Together the three operations had net sales of approximately $139 million in the fiscal year ending December 31, 2013. Total consideration for the purchase is approximately $186 million, subject to certain adjustments. The purchase is anticipated to close within 45 days and is subject to receiving regulatory approval and completion of other pre-closing requirements.
The President and CEO of Specialized is Rod Winter and he will continue as head of the operations, which, upon completion of the transaction, will become part of Alamo's North American Industrial Division led by Jeff Leonard.
Alamo Group is involved in the design, manufacture, distribution and service of high quality equipment for right-of-way maintenance and agriculture. The company, founded in 1969, has approximately 2540 employees and operates 18 manufacturing plants in North America and Europe.