D.A. Davidson & Co. announced today that it is serving as financial advisor to Monroe Truck Equipment (“Monroe”), in its pending sale to Aebi Schmidt Group (“Aebi Schmidt”), a global leader in infrastructure and terrain maintenance solutions. Monroe is a portfolio company of Industrial Opportunity Partners (“IOP”). The transaction is expected to close on or about the end of 2021 pending regulatory approval.
Founded in 1958, Monroe Truck Equipment is an industry-leading manufacturer, upfitter and distributor of truck and trailer equipment for the municipal and commercial markets, including a strong snow and ice business with approximately $270 million in annual revenue. Building on its 60 years of industry experience, Monroe offers custom engineering, product customization and all-around support for truck equipment needs.
“Monroe has built an exceptional platform and we appreciate the opportunity to be part of the company’s evolution,” said Eric Stetler, Managing Director at D.A. Davidson. “Monroe is well positioned as an integrated solutions provider with both leading equipment and upfit capabilities combined with nationwide dealer and distribution coverage. Increased available funding, driven by higher municipal tax receipts and the Infrastructure Bill, combined with an aging vehicle fleet requiring replacement will drive long-term growth for the sector and benefit industry participants like Monroe.”
In addition to complementary business activities, Aebi Schmidt will benefit from Monroe’s state-of-the-art upfitting centers and nationwide distribution network, which provide unparalleled access to services, solutions and cross-sell opportunities with new and existing customers in the U.S. Monroe will in turn benefit from Aebi Schmidt’s global capabilities and integrate resources such as its European winter road maintenance or sweeping technology into its operations.
“The team at D.A. Davidson did a fantastic job telling our story across the snow and ice and commercial equipment and upfit sectors” said Tom Ninneman, CEO of Monroe. “They have been a great partner for Monroe and helped us secure an exciting global partner well-suited for our next phase of growth.”
“D.A. Davidson’s deep relationships and industry expertise in the specialty vehicle sector made them an obvious selection when we evaluated potential advisors,” stated Bob Vedra, Senior Managing Director and founding principal at IOP. “We are thrilled with the result and know Monroe will be in great hands with Aebi Schmidt.”
D.A. Davidson’s Investment Banking Division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.
Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,400 employees and offices in 28 states.
Subsidiaries include: D.A. Davidson & Co., the largest full-service investment firm headquartered in the Northwest, providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.