Yanmar Holdings, said it has entered into a definitive agreement to acquire compact equipment manufacturer ASV Holdings Inc., Grand Rapids, Minn. a designer and manufacturer of compact tracked loaders and skid-steer loaders. Yanmar said it will acquire ASV through a statutory merger.
The transaction is expected to close in the third quarter of 2019, and Yanmar will acquire 100% of ASV’s outstanding shares of common stock for total consideration of $70.70 million, or $7.05 per share.
ASV also sells OEM equipment and aftermarket parts and has a 238,000 sq. ft. production facility in Grand Rapids. The company has an independent dealer network throughout North America, Australia, and New Zealand.
Yanmar said the acquisition, once finalized, will complete its range of compact equipment products and contribute to Yanmar’s prospects for growth in North America and globally.
Giuliano Parodi, executive officer of Yanmar Holdings said, “we believe that the Yanmar Group’s acquisition of ASV will significantly bolster Yanmar’s compact equipment offerings in the loader segment, a product range vital for success in the all-important North American market.
“With its highly-skilled workforce and quality CTL/SSL lineup, ASV is a great fit for both Yanmar’s focus on quality, and our growth and expansion plans in the North American and global markets as it will create a comprehensive and global provider of compact equipment with virtually no overlap in distribution networks.”