Holding company buys Lucas Truck and Equpment Sales
Nov 8, 2001 12:00 PM
TS&B Holdings of Orlando FL is kicking off a long-planned truck dealership acquisition strategy with the purchase of Lucas Truck and Equipment Sales of Medford OR.Lucas Truck is a privately held retail truck, equipment and parts business with existing Volvo, Mack Truck, Western Star, Transcraft and Hino franchises.
The company had revenues of $9.3 million for its fiscal 2001 year. TS&B bought Lucas Truck for $1.5 million worth of stock.
"The Lucas acquisition is the first purchase under our acquisition program," said Charles Giannetto, TS&B’s general counsel. He added that TS&B is currently in acquisition discussions with 10 other trucking-related businesses, including distributors and freight companies.
"These prospective acquisitions, if all completed, would be significantly in excess of the $60 million in revenue over 36 months goal our board had originally forecast," Giannetto said.
