The San Antonio-based Rush is buying the assets of Southwest Peterbilt Inc. and Norm Pressley's Truck Center. The pending acquisitions will give Rush the exclusive rights to sell Peterbilt trucks and parts from eight new locations encompassing most of Arizona, New Mexico and the southern region of California, including Phoenix, Tucson, Flagstaff, Albuquerque and San Diego. Rush currently operates 24 truck locations in five states.
Rush intends to operate the acquired companies as full-service Peterbilt franchises.
The purchase price for Southwest will be approximately $9.5 million for the net book value of acquired assets, plus $17 million in goodwill. An additional $4 million may be paid based on a performance-based objective.
The purchase price for Pressley will be approximately $2.5 million for the net book value of acquired assets plus $2.9 million in goodwill. Another $700,000 may be paid based on a performance-based objective.