Combination is set to position MaxiParts as one of Australia’s largest independent multi-site truck and trailer parts businesses
Independent commercial vehicle parts distributor MaxiParts has announced that 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 $18 million in cash, subject to customary working capital adjustments.
MaxiParts says the acquisition will see it attain an estimated $15.6m of inventory, $3m of fixed assets, intellectual property and approximately 80 Truckzone Group employees.
“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,” says 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, MaxiParts says it will have 27 sites across Australia.
In addition to the location expansion, Truckzone Group acquisition is said to bring significant product range enhancement and access to high quality products from globally recognised brands for MaxiParts. Most notably is Truckzone’s mature Japanese parts program with an established overseas supplier base and comprehensive product cataloguing support.
The completion of the transaction is subject to certain conditions, however the acquisition is expected to take place in late February 2022.