MaxiPARTS, one of Australia’s leading independent commercial vehicle parts distribution companies today announces that they have 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 $18.0m in cash, subject to customary working capital adjustments.
The acquisition will see MaxiPARTS attain an estimated $15.6m of inventory, $3.0m of fixed assets, intellectual property and approximately 80 Truckzone Group employees.
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.
“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.
Completion of the transaction is subject to certain conditions; however, the acquisition is expected to take place in late February 2022.
About MaxiPARTS
MaxiPARTS is one of Australia’s leading independent commercial vehicle parts distribution companies. With a national footprint of 19 stores, it offers leading genuine brands as well as an extensive range of commercial vehicle parts.
About Truckzone Group
Truckzone Group is a leading retailer and distributor of aftermarket and original equipment parts and accessories for trucks and trailers. With 10 stores across Australia, it stocks over 25,000 products lines and supports all makes and models of North American and Japanese trucks.