Right Lane Industries ("RLI"), a private industrial holding company, today announced that it has completed the acquisition of Capacity Trucks and LayMor from Terex Corporation (NYSE: TEX). Both businesses are headquartered in Longview, Texas and will operate as standalone companies under RLI ownership. Financial terms of the transaction were not disclosed. The acquisition marks RLI's latest carve-out of a non-core division from a large public industrial company.

About the Businesses

Founded in 1974, Capacity Trucks is one of North America's original terminal tractor manufacturers. Known in the industry as the "Original Trailer Jockey," Capacity yard trucks move cargo in ports, intermodal rail terminals and warehouse and distribution centers across the United States and around the world. The company manufactures from its facility at 401 Capacity Drive in Longview and sells and supports its trucks through a national dealer network.

LayMor designs and manufactures ride-on sweepers for construction, industrial, municipal and rental customers. Built alongside Capacity in Longview, LayMor sweepers are known for rugged construction and simple, serviceable designs suited to job-site conditions.

Management Commentary

"Capacity and LayMor are exactly the kind of businesses we built Right Lane to own," said Eric Mara, Founder and CEO of Right Lane Industries. "Fifty-year-old brands, established products that customers depend on every day, and an experienced workforce in Longview that knows how to build them. We look forward to working alongside the Capacity and LayMor teams to support their customers and build long term value."

"We are excited to join Right Lane," said Micah Rucker, General Manager of Capacity Trucks. "Our customers will see the same people, the same trucks and the same support they've relied on, backed now by an owner that is investing in Longview for the long term. We are grateful to Terex for its stewardship and look forward to this next chapter."

Transaction Details

RLI acquired 100% of the membership interests of the Capacity and LayMor businesses. The companies will continue to operate from Longview, Texas under their existing brand names, with the current management teams and workforce remaining in place. Terex will provide transition services for a defined period following closing to support an orderly separation.

Texas Capital Bank provided an asset-based revolving credit facility in support of the transaction. Taft Stettinius & Hollister LLP served as legal counsel to RLI, D.A. Davidson & Co. served as financial advisor, and BDO USA provided financial and tax due diligence. Emory & Co. acted as financial advisor to Terex, and Pryor Cashman LLP served as Terex's legal counsel.

 

Source: businesswire.com

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