Aebi Schmidt Group, a global leader in intelligent solutions for tackling mission-critical infrastructure areas and challenging terrain, today announced an agreement to acquire Monroe Truck Equipment from its current owner, Industrial Opportunity Partners. Monroe, based in the US state of Wisconsin, is a leading truck and trailer equipment platform with annual revenues of approximately US$270 million (about €240 million). The addition of Monroe will significantly strengthen Ibbe Schmidt’s market position in the US and globally, enhancing the group’s future growth prospects.
Founded in 1958, Monroe Truck Equipment is a leading manufacturer, supplier and distributor of truck and trailer equipment for the municipal and commercial markets, including heavy duty snow and ice businesses. Building on 60 years of industry experience, Monroe offers unparalleled custom engineering, product customization and comprehensive support for all your truck equipment needs.
Commenting on the deal, Aebi Schmidt Chairman of the Board of Management, Peter Schmidt, said: “With a combined revenue base of approximately €750 million, the acquisition of Monroe creates a completely new starting point for further growth for Aebi Schmidt. We expect Monroe to contribute to increased profitability.” Group as of 2022. By adding this strong US player to the group, we are simultaneously significantly improving the geographical diversification of our profits.
“Monroe has a very strong brand and outstanding professionals, and we are very much looking forward to welcoming the Monroe team to the Aebi Schmidt family. This acquisition opens up new and exciting business areas for us and will also strengthen our important winter business in particular,” added Barend Fruthoff, CEO of Aebi Schmidt. .
In addition to complementary business activities, Ibi Schmidt will benefit from Monroe’s state-of-the-art processing centers and national distribution network, which provides unparalleled access to services, solutions and cross-selling opportunities with new and existing customers in the United States. In return it is able to leverage Aebi Schmidt’s global capabilities and integrate resources such as European winter road maintenance or end-to-end technology into its operations.
“At Monroe, we see ourselves as a team of problem solvers dedicated to helping our industry advance,” said Andy Wheeler, president of Monroe Truck Equipment. “That’s why Ibby Schmidt is the best owner to take Monroe even further: There will be no wealth of new business opportunities.” Not only do we share common values and put our customers first, I am convinced that Monroe will be very well positioned to continue its strong track record of growth.
Upon completion of the transaction, which is expected to take place at or around the end of 2021 and pending regulatory approval, Ibbe Schmidt will assume responsibility for all of Monroe’s 900-plus employees, resulting in a total of approximately 3,000 employees for the group. Monroe will continue to be run by the current administration.
