Rush Enterprises, Inc., which operates the largest network of commercial vehicle dealerships in North America, announced that its subsidiaries have acquired certain assets of MVI Group, which operates commercial truck and bus dealerships in Ohio under the names of Miami Valley International, Center City International, CCI North Coast and Buckeye Truck Centers. The acquisition includes International, IC Bus, Isuzu and Idealease franchises and locations in Akron, Cincinnati, Cleveland, Columbus, Dayton, Findlay and Lima, Ohio.
The purchase price for the assets, goodwill and the three dealership properties that were purchased was approximately $107 million. The Company will finance approximately $71 million of the purchase price under its floor plan, accounts receivable, and lease and rental truck financing arrangements. The Company expects the acquisition to be accretive to future earnings.
The newly acquired locations in Ohio will operate as part of the Company's Navistar Division and result in the Company operating 78 Rush Truck Centers in 15 states. The acquisition also expands the Company's Rush Truck Leasing and Rush Bus Centers capabilities.
"Ohio is a key market for many of our large fleet customers," said W. M. "Rusty" Rush, the Company's Chief Executive Officer and President. "Acquiring service points in most of the key markets in Ohio demonstrates our commitment to expand service solutions for our customers wherever they operate. We are excited to enter the Ohio market with Navistar's International and IC Bus brands, Isuzu trucks and Idealease. We appreciate the support provided by representatives of Navistar, Isuzu and Idealease to help get this transaction closed in a very quick timeframe."
"Many of our employees and employees of the dealerships we acquired worked very hard to ensure this acquisition closed by year-end. I would like to personally thank them all for their efforts over the last two months and welcome all of our new employees in Ohio to the Rush Enterprises family."