Thomas Completes Tovel Acquisition
Thomas Equipment Inc. said it has completed the purchase of substantially all of the assets of privately held 1221549 Ontario Limited dba Tovel Manufacturing, including all inventory, trademarks and patents, customer lists, designs, engineering drawings and production facilities related to Tovel's rough terrain forklifts, telescopic handlers, attachments, mortar/plaster mixers, mortar boxes and buggies.
Thomas, through an operating subsidiary, will purchase the Tovel assets for $1.1 million in cash plus 40,000 options to employees. Thomas management plans to immediately expand Tovel's current limited North American distribution to include Thomas' 375 global dealer network and the 424 dealer network that supports a private label program with one of Thomas' strategic OEM partners.
Tovel, incorporated in Canada in 1970, designs and manufactures six models of rough-terrain forklifts, five models of telescopic handlers, 10 attachments models and mortar and plaster mixers. According to Clifford Rhee, president and CEO of Thomas Equipment, “our future plans are to integrate the Tovel product line into our dealer network and into our private label OEM partner network. We will consolidate a portion of the Tovel manufacturing into our Centreville (