Aebi Schmidt, a global provider of infrastructure and terrain maintenance solutions, announced an agreement to acquire Wisconsin, U.S.-based Monroe Truck Equipment from Industrial Opportunity Partners. Monroe is a truck and trailer equipment platform with around USD $270 million in annual revenue.
According to a release, the addition of Monroe will significantly strengthen Aebi Schmidt’s market position in the U.S. and globally, boosting the Group’s prospects for future growth.
Founded in 1958, Monroe Truck Equipment is a manufacturer, upfitter, and distributor of truck and trailer equipment for the municipal and commercial markets, including a strong snow and ice business. Building on its 60 years of industry experience, Monroe offers custom engineering, product customization, and all-around support for every truck equipment need.
In addition to complementary business activities, the release noted that Aebi Schmidt will benefit from Monroe’s upfitting centers and nationwide distribution network, which provide access to services, solutions, and cross-selling opportunities with new and existing customers in the U.S.
The release continued that Monroe will, in turn, be able to benefit from Aebi Schmidt’s global capabilities and integrate resources such as its European winter road maintenance or sweeping technology into its operations.
Tom Ninneman, CEO of Monroe Truck Equipment stated: “At Monroe, we see ourselves as a team of problem solvers dedicated to help our industry advance. That's why Aebi Schmidt is the best owner to take Monroe even further: Not only will there be a wealth of new business opportunities, but we also share common values and put our customers first. I’m convinced
Monroe will be very well positioned to continue its track record of strong growth and serving customers.”
Upon completion of the transaction, which is expected on or about the end of 2021 pending regulatory approval, Aebi Schmidt will take over all of Monroe’s more than 900 employees, resulting in a total of around 3,000 staff for the Group. Monroe will continue to be run by existing management.