1.19.15 // Lenox Hill Capital announces the sale of TOR Truck Corporation to CCC Parts Company
Montreal, QC, Canada – January 19, 2015 – Lenox Hill Capital Advisors is pleased to announce that its client, TOR Truck Corporation (“TOR”) has completed a sale to CCC Parts Company (“CCC Parts Company”), a leading wholesale distributor of heavy-duty truck parts and components.
The acquisition was effective as of January 19, 2015. Terms of the transaction were not disclosed by the parties. Lenox Hill Capital Advisors served as the exclusive financial advisor to TOR and its parent company R.P.M. Tech, Inc. The Lenox Hill Capital team worked closely with TOR’s management team and owners to explore strategic alternatives and manage the sale process.
TOR is a recognized leader in the wholesale distribution segment, specializing in providing drivetrain solutions and components to remanufacturers and wholesale customers. TOR provides new and remanufactured OEM parts to serve a wide variety of industries, such as the construction, over the road, mining, logging, airport maintenance and material handling sectors. Through this acquisition, CCC Parts Company expands its U.S. and Canadian Wholesale Operation of Heavy-Duty Truck Parts.
The experience of the CCC Parts and TOR sales and operations teams, coupled with additional inventory and infrastructure, makes the combination of the two a dominant force in the heavy-duty drivetrain marketplace. The two organizations share the same culture of providing world-class customer service, respecting core supplier partners and treating their associates like family.
With U.S. and Canadian operations and distribution centers in Mechanicsburg, Pennsylvania; Kansas City, Missouri; Mississauga (Toronto), Ontario and Edmonton, Alberta, this combination complements and expands CCC’s existing service and support capabilities in the U.S. and Canada (Pacific Truck and Canada Powertrain), while also accelerating CCC’s growth into new end markets and geographies. The addition of TOR to the CCC family of companies expands the number of wholesale operations and product distribution centers within the U.S. and Canada.
As part of this acquisition, the TOR name will continue in the marketplace, and the TOR management team, led by Paul Dalton, US Sales Manager; Cindy Junker, US Operations Manager and Don Johansen, GM Canada, will continue to operate as TOR with the added resources from the CCC wholesale team.
Pierre Bernard, Chairman of TOR’s former parent company RPM Tech, Inc., commented, “Lenox Hill Capital Advisors provided invaluable advice and support throughout the sale process. Our transaction was quite complex due to its cross-border aspect and also the carve-out of the TOR entity’s manufacturing assets. Our advisor took the time and initiative to truly understand our business and our objectives, which made the entire effort very manageable for us and resulted in an outcome that exceeded our expectations. Their process and industry expertise were key factors in the success of this transaction.”
Mr. Bernard went on to remark, “This is a very exciting time for TOR and our customers. We recognize that it’s very important to overachieve, especially in the wholesale business where customers rely on you to sustain and grow their businesses. This merger places a strong emphasis on broader product lines, additional inventory and a stronger distribution network for our customers, which will continue to be supported by the same staff they have grown to depend on for that past 40 years. Tor Truck manufacturing operations will be carried forward by RPM Tech Inc. (the former parent company of Tor Truck Corporation) under the same trade name, Tor.”
Mike Zakutny, Senior Vice-President, Wholesale/CCC stated, “I’m excited about the future prospects as we welcome TOR to our growing wholesale business. This now positions us as the leading independent wholesale provider of drivetrain solutions and components in North America. TOR is a well-recognized name in the market with a rich history, and customers will benefit greatly from this merger with substantial service enhancements.”
About RPM Tech, Inc.
R.P.M. Tech, Inc. has specialized in designing and manufacturing specialty equipment since 1962, and the Company is well recognized in the market place for manufacturing custom equipment for the rail and airport industries. Since inception, RPM has been renowned for its snow removal equipment (self-propelled or self-contained) and multifunctional vehicles manufactured in the Company’s Quebec, Canada plants. As part of the TOR sale transaction, RPM Tech has retained its custom heavy-duty truck manufacturing division, which was under its TOR Truck Corporation subsidiary prior to this acquisition transaction. The truck manufacturing business unit has been integrated with RPM’s operations and RPM will continue to manufacture trucks under the TOR brand names, going forward. Additional details may be found on the Company’s website: www.rpmtechgroup.com.
About TOR Truck Corporation
TOR Truck Corporation distributes OEM drivetrain solutions and components to remanufacturers and wholesale customers. TOR was incorporated in 1963 and is headquartered in Mississauga, Canada with branch locations throughout Canada and the United States. Before its acquisition by CCC Parts Company, TOR was a wholly-owned subsidiary of RPM Tech, Inc.
About CCC Parts Company
CCC Parts Company is a leading wholesale distributor in North America of heavy-duty truck & trailer products. Through a network of product distribution centers in the United States and Canada, CCC Parts delivers a comprehensive range of drivetrain solutions and components to support remanufacturers and wholesale distributor customers in the construction, mining, logging, airport maintenance and material handling industries and more. Distributed products include brake systems, electrical, engines, gear & drivetrain, and more. The CCC Parts Company is recognized for delivering measurable value and outstanding support to its customers and suppliers alike. Vast application expertise makes CCC Parts an unbiased business partner for profitable growth of small, medium and large enterprises.
About Lenox Hill Capital Advisors
Lenox Hill Capital Advisors, Inc. is a private mergers & acquisitions advisory firm based in New York City. The firm’s highly seasoned professionals specialize in middle market mergers and acquisitions, private equity recapitalizations, restructurings, business valuations and other financial advisory services.
