TPS mergers and acquisitions roundup for December 2024

Transactions in the dealer, aftermarket and supplier segments will close 2024 on a steady trajectory. After four announcements in November, four more were announced in December. 

The first move was in the service sector. Commercial Truck and Trailer Parts and Fleet Services in southern California joined forces on Dec. 11. “We are thrilled about the partnership with Fleet Services, by expanding our physical footprint we can continue to expand our customer base by providing faster local deliveries and enhanced service to the southern California market thanks to the phenomenal track record and knowledge that the Fleet Services team has built over the last 60 years,” said Jason Reeher, president and CEO of Fleet Services. 

Next was Shyft Group, which on Dec. 16 announced an all-stock merger with Aebi Schmidt. Aebi Schmidt’s solutions include commercial truck upfitting, snow and ice, street sweeping and pavement marking, airport snow and ice, and agricultural solutions. “Combining with Aebi Schmidt is a powerful next step in Shyft’s strategy as we leverage the strengths of both companies’ industry-leading brands, innovative products, extensive customer relationships and manufacturing excellence,” said John Dunn, president and CEO of Shyft. 

Also on Dec. 16, Jackson Group Peterbilt acquired locations in Wyoming. The transaction was supported by Performance Brokerage Services and added locations in Casper, Rock Springs, Cheyenne and Riverton, Wyo., to the Jackson Group Network. “Working with [Performance Brokerage Services] was an exceptional experience. From the first conversation to the final closing, their professionalism, transparency, and attention to detail stood out at every step of the process. As a buyer, I appreciated how well they understood the business and its operations,” said Blake Jackson, CEO.

Finally, on Dec. 20 it was announced that Bendix has divested R.H. Sheppard to an affiliate of Balmoral Funds, a California private equity firm. The transaction involves the entire Sheppard business, including branded products, production equipment, sales and service companies, and interests in joint ventures relating to sales and production. “The divestiture is a vital part of the BOOST program in place worldwide at Knorr-Bremse (the parent company of Bendix). It enables us to align our business with even greater focus and profitability,” said Piotr Stroka, president, CEO and COO at Bendix.