MaxiPARTS has today announced it has entered into an Asset Sale Agreement with Truckzone Group to acquire the businesses known as Truckzone, Coburg Truck Parts and Parts Peek for an estimated $18m.
The acquisition will see MaxiPARTS attain an estimated $15.6m of inventory, $3m of fixed assets, intellectual property and approximately 80 Truckzone Group employees.
Completion of the transaction is subject to certain conditions; however, the buy-out is expected to take place by the end of February.
The combination of MaxiPARTS and Truckzone Group will position MaxiPARTS as one of the largest independent multi-site truck and trailer parts businesses in Australia, MaxiParts said in a media statement.
“The acquisition of Truckzone Group represents an exciting leap forward in the strategic development of MaxiPARTS and is fully aligned with our stated acquisition criteria” said MaxiPARTS managing director and CEO, Peter Loimaranta.
“We are delighted to welcome such a highly complementary business into the MaxiPARTS family, and I am excited about the significant benefits this combination will bring for our shareholders, customers, suppliers and employees.”
The acquisition of Truckzone Group immediately expands MaxiPARTS’ national network by eight sites in key geographical locations. Once consolidations are complete, the MaxiPARTS business will have 27 sites across Australia.
In addition to the geographical expansion, Truckzone Group also brings significant product range enhancement and access to high quality products from globally recognised brands, most notably a mature Japanese parts program with an established overseas supplier base and comprehensive product cataloguing support.
Blending the core product range strengths of MaxiPARTS and Truckzone Group provides the opportunity to offer an expanded product range to customers, making MaxiPARTS a one-stop shop for truck and trailer parts.