North American Vehicle Components, LLC (Navco) announced the completion of its acquisition of Truck Equipment Manufacturing Company, Inc. (Temco), maker of steel and aluminum reservoirs and related components for heavy trucks, military vehicles and automotive applications and Temco’s “Trick Tank,” portable tanks for motor sports.
According to the announcement, all operating assets were purchased from New Dominion Bank via UCC-Article 9 Secured Party Sale. The transaction was completed on April 19, 2010. Navco, LLC, created for this acquisition, is co-owned by Jim Williamson and L.T. Slater. Williamson and Slater have partnered on several acquisitions in the past in industries ranging from industrial manufacturing to automotive test equipment.
"The completion of the acquisition represents a significant milestone for Navco," said Jim Williamson, president of Navco. "Temco has long been well respected as a leading manufacturer of steel and aluminum tanks for heavy trucks, military vehicles and many other applications. The swift economic downturn has forced the company to make this change to return to a position of real financial strength. We are happy to have completed this deal and are ready to serve the Temco customer base and new customers with higher than ever levels of customer service."
“With our background in specialty manufacturing, we anticipate that the transition for Temco’s customers and suppliers will be seamless, if not more efficient,” Williamson noted. “And we are proud to keep all of Temco’s employees in America at the two manufacturing plants in Charlotte and Blacksburg.”
The integration of both companies is expected to begin immediately.