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.