Alamo Group Inc. acquired 100% stake in Royal Truck and Equipment, Inc. for $28 million.
October 09, 2023
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Alamo Group Inc. (NYSE:ALG) acquired 100% stake in Royal Truck and Equipment, Inc. on October 10, 2023. Royal Truck?s annual revenue was approximately $40 million in 2022 and the company had trailing twelve-month revenue of approximately $44 million as of the end of August, 2023. Royal Truck has approximately 50 employees. Mr. Roy currently serves as the President of Royal Truck and he will continue in this role for an agreed transition period following the closing. The company will become a part of Alamo?s Industrial Equipment Division led by Michael Haberman.
Alamo Group Inc. (NYSE:ALG) completed the acquisition of 100% stake in Royal Truck and Equipment, Inc. for $28 million on October 10, 2023. Consideration is subject to post closing adjustments.
Alamo Group Inc. is engaged in designing, manufacturing, distributing and providing services of equipment for vegetation management, infrastructure maintenance and other applications. The Company operates through two segments: Vegetation Management Division and Industrial Equipment Division. The Vegetation Management Division includes the operations of the mowing and forestry/tree care operations, Morbark and Dutch Power business units. The Industrial Equipment Division includes the Companyâs vocational truck business and other industrial operations, such as excavators, vacuum trucks, street sweepers and snow removal equipment. Its products include tractor-mounted and self-propelled mowers, zero-turn mowers, agricultural implements, tree and branch chippers, forestry/wood recycling equipment, street and parking lot sweepers, leaf and debris collection equipment, pothole patchers, vacuum trucks, hydro-excavation equipment, telescopic boom excavators, and snow removal equipment.