Volvo CE dealer Rudd expands into Iowa
Deal increases Rudd's footprint to 16 locations across 8 states
Rudd Equipment, a Kentucky-based Volvo Construction Equipment dealer, has expanded its Midwest footprint by entering Iowa as the exclusive dealer in the state.
In an asset purchase effective Jan. 30, Housby Heavy Equipment transferred its Volvo Construction Equipment (Volvo CE) inventory at three Iowa dealership locations to Rudd, according to a Feb. 2 Volvo CE release.
Rudd, a subsidiary of Ferronordic, has been in business for 74 years and its construction equipment headquarters is in Louisville, Ky. Ferronodric estimates the transaction to have a final paid price of about $17 million.
The deal increases the dealer’s network to 16 locations across eight states, according to the release. The newly acquired locations cover most of Iowa and one county in Illinois, where Rudd will offer Volvo CE equipment, parts and service.
The expansion strengthens Volvo CE’s dealer coverage in the Midwest, according to the release and does not affect Housby’s Mack Trucks operations or its other business lines.
Ferronordic said the acquisition is the first step in expanding its U.S. construction equipment business. The company provides construction equipment and truck sales and service through branches in the United States, Germany and Kazakhstan, according to the release.
Employees from Housby’s equipment dealership will join Rudd and Ferronordic as part of the transaction.
Check out our exclusive industry data here.
