Yanmar Holdings, has announced Yanmar's entry into a definitive agreement to acquire compact equipment manufacturer ASV Holdings Inc. ("ASV"), a designer and manufacturer of renowned compact tracked loaders ("CTLs") and skid-steer loaders ("SSLs"). Yanmar is to acquire ASV through the mechanism of a statutory merger.
Giuliano Parodi, executive officer of Yanmar Holdings, said, "We believe that the Yanmar Group's acquisition of ASV will significantly bolster Yanmar's compact equipment offerings in the loader segment, a product range vital for success in the all-important North American market. With its highly-skilled workforce and quality CTL/SSL lineup, ASV is a great fit for both Yanmar's focus on quality, and our growth and expansion plans in the North American and global markets as it will create a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks."
"I have no doubt that our design, manufacturing and distribution expertise will find a welcome home in the Yanmar Group as we share a common vision to provide the highest-quality products," said Andrew Rooke, chairman and CEO of ASV. "ASV's merger with Yanmar will ensure a vibrant future providing quality machinery for our customers and will provide a great opportunity for ASV employees to join a growing global company."
ASV has an independent dealer network throughout North America, Australia and New Zealand. The company also sells OEM equipment and aftermarket parts. ASV owns and operates a 238,000 sq.-ft. production facility in Grand Rapids, Minn.
The acquisition, once finalized, will complete the Yanmar's range of compact equipment products and contribute to Yanmar's prospects for growth in North America and globally.
The transaction is expected to close in the third quarter of 2019, and Yanmar will acquire 100 percent of ASV's outstanding shares of common stock for total consideration of $70.70 million, or $7.05 per share.