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Jan 6, 2012 12:37 PM

Heil Trailer International, a global manufacturer of cargo tank and specialty trailers has been sold to American Industrial Partners, a middle market private equity firm. 

The deal is valued at approximately $220 million.

Following the sale, Heil Trailer appointed Randall Swift as its chief executive officer. Prior to joining Heil Trailer, Swift was chief executive officer of Allied Specialty Vehicles Inc, a $1 billion sales manufacturer of a diverse range of specially vehicles including ambulances, terminal trucks, fire trucks, school buses, and motorized RV’s, among other products. ASV is a portfolio company of American Industrial Partners. 

In addition, Bob Foster has re-joined Heil Trailer as its chairman of the board. Foster was president of Heil Trailer for 15 years prior to his retirement in 2006. During his tenure at Heil Trailer Foster successfully led a number of growth initiatives that more than doubled the its size and made it a globally diversified operation. 

“I look forward to continuing to focus the Company on the fundamental elements of what built Heil Trailer into the business it is today--taking care of our customers and manufacturing the highest quality products in the industry,” Foster said. “I am very pleased to be once again part of an independent Heil Trailer.” 

Heil Trailer was founded in Wisconsin in 1901 and is headquartered in Athens TN. The company is a global enterprise with three manufacturing facilities located in North America and facilities in both Thailand and Argentina, which address the growing emerging markets of Asia and Latin America. The Company’s products include liquid cargo tanks, dry bulkers, and specialty trailers.