Rush Enterprises Acquires Assets of Dealership Group in Ohio
January 2, 2013
Rush Enterprises Inc., which operates a network of commercial vehicle dealerships in North America, announced that its subsidiaries have acquired certain assets of MVI Group, which operates commercial truck and bus dealerships in Ohio
under the names of Miami Valley International, Center City International, CCI North Coast and Buckeye Truck Centers.
The acquisition includes International, IC Bus, Isuzu and Idealease franchises and locations in Akron, Cincinnati, Cleveland, Columbus, Dayton, Findlay and Lima, Ohio.
The purchase price for the assets, goodwill and the three dealership properties that were purchased was approximately $107 million. The company will finance approximately $71 million of the purchase price under its floor plan, accounts receivable, and lease and rental truck financing arrangements. The company expects the acquisition to be accretive to future earnings.
The newly acquired locations in Ohio will operate as part of the company's Navistar Division and result in the company operating 78 Rush Truck Centers in 15 states. The acquisition also expands the company's Rush Truck Leasing and Rush Bus Centers capabilities.