Chancellor Acquires Tomahawk Truck & Trailer Sales

February 5, 1999

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Boston-based Chancellor Corp. has acquired Atlanta-based Tomahawk Truck & Trailer Sales, which will continue to operate under its name as a wholly owned subsidiary.
Tomahawk was founded in 1991 and has grown from a single retail sales center to five centers and a wholesale operation throughout the southeastern United States. Gross revenues have grown from approximately $500,000 in 1991 to more than $40 million in 1998. Tomahawk has generated an average gross margin of 15.9% throughout its history, vs. the industry average of approximately 8.6%, according to Chancellor.
Chancellor management believes this acquisition will help it become a leader in the retail and wholesale markets for used transportation equipment. Chancellor intends to develop a nationwide retail sales center network through internal growth and by acquisition.
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