San Antonio-based Rush Enterprises Inc., whose continuing operations includes the largest network of Peterbilt heavy-duty truck dealerships in North America, and a John Deere construction equipment dealership in Texas, announced that it has acquired certain assets of Peterbilt of Mobile Inc., a Peterbilt dealer in Mobile, Ala.
The acquisition increases the Company’s presence on the I-10 corridor and provides Rush with the exclusive rights to sell Peterbilt trucks and parts in southern Alabama, parts of western Florida, including Pensacola, and increases the Company’s operations to 39 truck locations in 9 states.
The transaction was valued at approximately $1.4 million, with the purchase price paid in cash. Rush intends to operate the acquired company as a full-service Peterbilt franchise, and will begin to integrate their operations into the Rush Truck Center system immediately. Rush had revenues of $757.1 million and income from continuing operations before income taxes of $14.5 million during 2002 while, Peterbilt of Mobile Inc. had unaudited revenues of $11.9 million and an unaudited pretax loss of $453,000, for the same period.
In making this announcement, W. Marvin Rush, Chairman and Chief Executive Officer of Rush Enterprises Inc. stated, “This acquisition marks our continued growth into the southeastern United States. We are excited about working with the good people from Peterbilt of Mobile Inc. and look forward to offering our consistently high-quality products and services in Alabama.”
Rush Enterprises operates the largest network of Peterbilt heavy-duty truck dealerships in North America and a John Deere construction equipment dealership in Texas. Its current operations include a network of dealerships located in Texas, California, Oklahoma, Louisiana, Colorado, Arizona, New Mexico, Alabama and Florida. These dealerships provide an integrated, one-stop source for the retail sale of new and used heavy-duty trucks and construction equipment; aftermarket parts, service and body shop facilities; and a wide array of financial services, including the financing of truck and equipment sales, insurance products and leasing and rentals. The Company is also discontinuing the operations of its retail farm and ranch superstore that serves the greater San Antonio, Texas area.
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