New Company Forms in Wake of Major Dealer Acquisitions

This is a truly exceptional opportunity for NED to expand in what is recognized as the three fastest growing economic areas in the U.S.

📅   Thu January 11, 2018 - National Edition
CEG


National Equipment Dealers (NED) acquired Four Seasons Equipment, May Heavy Equipment and Earthmovers Equipment, as well as some assets of International Iron.
National Equipment Dealers (NED) acquired Four Seasons Equipment, May Heavy Equipment and Earthmovers Equipment, as well as some assets of International Iron.

In a multi-faceted transaction that closed on Jan. 5, National Equipment Dealers (NED) acquired Four Seasons Equipment, May Heavy Equipment and Earthmovers Construction Equipment, LLC, as well as some assets of International Iron.

This is a truly exceptional opportunity for NED to expand in what is recognized as the three fastest growing economic areas in the U.S.: Texas (Houston and Dallas), the Carolinas (Raleigh, Lexington, Charlotte, Columbia, Greenville/Spartanburg, Charleston) and Florida (Orlando).

Financing for the merger and ongoing operations was supplied by a syndication of four banks led by BOK Financial. The other participating banks are Fifth Third Bank, Bank of the West and First Tennessee Bank.

Mitch Nevins, CEO, and Kerry Vickar, chairman, stated that employees of each company are expected to continue their respective jobs in the same previous manner as no operational changes will be made upon bringing these businesses together. They believe collective success will be realized by all employees working together, sharing best business practices and equipment fleets and benefitting from the synergies of a larger company footprint.

Collectively NED represents 10 major manufacturers across a three state territory, each embracing the combined operations in NED. It is expected that there will be a significant growth in size, both in terms of number of locations and employees, as well as by geographic diversification, that will provide substantially enhanced opportunities for them as well as NED.