Aebi Schmidt, a global leader in infrastructure and terrain maintenance solutions, today announced an agreement to acquire Wisconsin, US-based Monroe Truck Equipment from Industrial Opportunity Partners. Monroe is an industry-leading truck and trailer equipment platform with around USD 270 million (approx. EUR 240 million) in annual revenue. The addition of Monroe will significantly strengthen Aebi Schmidt’s market position in the U.S. and globally, boosting the Group’s prospects for future growth.
Founded in 1958, Monroe Truck Equipment is an industry-leading manufacturer, upfitter and distributor of truck and trailer equipment for the municipal and commercial markets, including a strong snow and ice business. Building on its 60 years of industry experience, Monroe offers unrivaled custom engineering, product customization and all-around support for every truck equipment needs.
Commenting on the transaction, Aebi Schmidt CEO Barend Fruithof said: “With a combined revenue base of around USD 850 million, the acquisition of Monroe creates a completely new starting position for the further growth of Aebi Schmidt. Adding this strong U.S. player to the Group, we are at the same time significantly improving the geographical diversification of our earnings.”
“Monroe has an extremely strong brand and outstanding professionals, and we are very much looking forward to welcoming the Monroe team to the Aebi Schmidt family. This acquisition opens up exciting new business areas for us and will also strengthen our important winter business in particular,” added Steffen Schewerda, CEO North America of Aebi Schmidt.
In addition to complementary business activities, Aebi Schmidt will benefit from Monroe’s state-of-the-art upfitting centers and nationwide distribution network, which provide unparalleled access to services, solutions and cross-selling opportunities with new and existing customers in the U.S. Monroe will in turn be able to benefit from Aebi Schmidt’s global capabilities and integrate resources such as its European winter road maintenance or sweeping technology into its operations.
Tom Ninneman, CEO of Monroe Truck Equipment stated: “At Monroe, we see ourselves as a team of problem solvers dedicated to help our industry advance. That’s why Aebi Schmidt is the best owner to take Monroe even further: Not only will there be a wealth of new business opportunities, but we also share common values and put our customers first. I’m convinced Monroe will be very well positioned to continue its track record of strong growth and serving customers.”
Upon completion of the transaction, which is expected on or about the end of 2021 pending regulatory approval, Aebi Schmidt will take over all of Monroe’s more than 900 employees, resulting in a total of around 3,000 staff for the Group. Monroe will continue to be run by existing management.