Rush Enterprises Inc. has acquired the assets of Peterbilt dealer Norm Pressley's Truck Center, giving it a foothold in southern California.
Rush will add locations in San Diego, Escondido and El Centro to its national chain of Peterbilt dealers, which now totals 32 locations in 7 states.
Rush paid approximately $4.5 million cash for Pressley. An additional $700,000 may be paid based on a performance objective. Rush intends to operate Pressley as a full-service Peterbilt franchise, and will begin to integrate operations into the Rush Truck Centers immediately.
Rush had revenues of $612.8 million during 1998 while Pressley had revenues of approximately $35.8 million for the twelve months ended Oct. 31, 1999. Pressley recorded unaudited pretax earnings of approximately $940,000 for the twelve months ended Oct. 31, 1999.
The acquisition fits with Rush's strategy to expand operations in fast-growing areas of the southwest and west. In addition to a network of Peterbilt dealers in Texas, California, Oklahoma, Louisiana, Colorado, Arizona, New Mexico and Michigan, Rush operates John Deere construction equipment dealerships in Texas and Michigan. The company also has a retail farm and ranch superstore that serves the greater San Antonio, Texas area.
Rush will add locations in San Diego, Escondido and El Centro to its national chain of Peterbilt dealers, which now totals 32 locations in 7 states.
Rush paid approximately $4.5 million cash for Pressley. An additional $700,000 may be paid based on a performance objective. Rush intends to operate Pressley as a full-service Peterbilt franchise, and will begin to integrate operations into the Rush Truck Centers immediately.
Rush had revenues of $612.8 million during 1998 while Pressley had revenues of approximately $35.8 million for the twelve months ended Oct. 31, 1999. Pressley recorded unaudited pretax earnings of approximately $940,000 for the twelve months ended Oct. 31, 1999.
The acquisition fits with Rush's strategy to expand operations in fast-growing areas of the southwest and west. In addition to a network of Peterbilt dealers in Texas, California, Oklahoma, Louisiana, Colorado, Arizona, New Mexico and Michigan, Rush operates John Deere construction equipment dealerships in Texas and Michigan. The company also has a retail farm and ranch superstore that serves the greater San Antonio, Texas area.
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