Mergers and acquisitions encompassed a wide range of companies with ties to heavy equipment over the past month.
Lincoln Electric buys Vanair Manufacturing
Industrial equipment manufacturer Lincoln Electric dove deeper into the transportation sector by acquiring Michigan City, Ind.-based Vanair Manufacturing, according to a July release from Lincoln Electric. Terms of the deal were not disclosed.
Vanair makes mobile power solutions serving the commercial trucking industry. Its products include vehicle-mounted compressors, generators, welders, hydraulics, chargers and other electric power equipment. Vanair’s annual revenue stood at roughly $100 million at the time of the release.
Husqvarna acquires InCeres
Husqvarna Group purchased InCeres, a Brazilian digital platform provider serving the light agriculture sector, to bolster its forest and garden division, according to an Aug. 23 release from the Swedish manufacturer. Terms of the deal were not disclosed.
Husqvarna, which makes light construction and outdoor machinery, bought the company in response to growing demand for new farming technologies amid climate change, reduced farmland and population increases, according to the release.
InCeres, founded in 2014, specializes in soil analysis to help farmers improve productivity. The company earned 9.3 million SEK ($912,000) in 2023 and has grown 50% since 2022, according to the release.
Opifex, Synergy merge
Tampa-based Synergy Equipment and Austin, Texas-based Opifex Enterprises merged to create the ninth-largest equipment rental company in the U.S., according to the Rental Equipment Register 100, the companies announced in an Aug. 7 news release.
The companies, which will continue operating under their names, joined forces to capitalize on surging rental demand as they look to expand across the southern United States. The venture is backed by incremental equity capital from Avance Investment Management and Synergy Chief Executive J.C. Mas. Deal details were not disclosed.
AED, CEDA vote to join forces
The Canadian Equipment Dealers Association Board of Directors voted to merge with Associated Equipment Distributors, according to an Aug. 20 AED release. The merger is expected to be finalized by Nov. 1.
The associations will operate under AED as a single entity. CEDA President and Chief Executive Beverly J. Leavitt will become vice president for AED and will help transition CEDA’s 160 members to AED, which represents more than 800 industrial equipment companies, according to its website. AED President and Chief Executive Brian P. McGuire will maintain his role.
