Spartan Motors, Inc (NASDAQ: SPAR) a specialty chassis and vehicle manufacturer announced its wholly-owned subsidiary, Spartan Motors USA, Inc., has completed the previously announced acquisition of Smeal Fire Apparatus Company and its subsidiaries.
Smeal was acquired for approximately $36.3 million, Spartan’s forgiveness of certain liabilities owed by Smeal, and a subsequent tax gross-up payment.
The newly combined Spartan Emergency Response business unit will rank as one of the top-four North American fire apparatus manufacturers in an increasingly consolidating industry. With the acquisition, Spartan has expanded geographic reach, spanning 44 states in the U.S., 10 provinces and three territories in Canada.
“This transaction marks a significant event for our company,” said Daryl Adams, president and CEO of Spartan Motors. “The addition of Smeal complements our own Spartan Emergency Response business unit. We expect the transaction to accelerate the turnaround of the Spartan Emergency Response business unit.”