SYDNEY, AUSTRALIA: : ARB Corporation Limited announced the acquisition of auto styling Truckman Group Limited.
Truckman is the leading manufacturer and distributor of utility accessories in the United Kingdom, principally focused on rear of vehicle products such as canopies (hard tops), bed liners and general utility vehicle products.
Truckman is the industry recognised brand leader in the United Kingdom. The acquisition meets ARB’s aim of expanding international distribution and aligns with the Company’s evolving product strategy.
The Truckman business is based at its 4,860m2 head office and central distribution hub in Birmingham in the United Kingdom. It was founded in 2002 and currently employs around 80 staff.
ARB will retain all existing staff and management and the Truckman business will continue to operate in the usual way with the added support of ARB’s expertise and resources. Michael Wheeler and Richard Langman, the long-term Chairman and Managing Director will continue to manage the business.
The maximum net cash purchase price of GBP 21.9 million includes GBP 10m payable upon completion, deferred payments of GBP 4m and a further amount of up to GBP 7.9m subject to performance hurdles over the next three years.
The purchase includes the business operations of Truckman and a property from which the business operates.
The purchase is being funded from ARB’s existing cash resources and the business is expected to operate profitably from the commencement of ARB ownership, effective 2 March 2021.The acquisition adds scale to ARB’s global business and provides a base for the Group in Europe’s largest utility vehicle market.
The Board welcomes the employees and management of Truckman to the ARB Group and looks forward to working with them to grow the business.
The origins of ARB go back to 1975, when company founder, Tony Brown, was inspired by a 4WDing trip through the top end of Australia.
Back then, 4WDers relied on homemade or ill-fitting equipment that was not designed for extensive Outback expeditions. Endless corrugated roads, extreme temperatures, and the heavy loads carried by Australian travellers were tremendously punishing on vehicles that regularly tackled these kinds of conditions.
Tony’s many years spent toiling on his Series 1 Land Rover proved extremely beneficial to others in the top end during his travels. Damaged bull bars and broken roof racks ensured Tony’s expertise was regularly called upon, and through this experience an idea was born – well engineered, durable equipment that would meet the vigorous demands of 4WD owners.