Rush Enterprises said it has reached agreements to acquire the assets of dealerships in Illinois and Indiana.
Rush announced that certain of its subsidiaries have entered into agreements to purchase certain assets of CIT, Inc., which does business as Chicago, Mcgrenho L.L.C., which does business as Indy Truck Sales, and Indiana Leasing, LLC; and the membership interests of Idealease of Chicago, LLC. The acquisition includes International commercial truck dealerships and Idealease commercial vehicle rental and leasing businesses in Carol Stream, Chicago, Grayslake, Huntley, Joliet, Kankakee and Ottawa, Illinois, and Brazil, Gary and Indianapolis, Indiana, which, collectively, had unaudited revenues of approximately $405 million in 2012, Rush said.
The acquisition is expected to close in the first quarter of 2014.
“This acquisition is a significant opportunity to expand our service network in the Midwestern United States, providing strategic market coverage for truck owners operating in this region,” said W. M. “Rusty” Rush, chairman, CEO and president of Rush Enterprises, Inc. “Chicago International Trucks and Indy Truck Sales are respected dealer organizations, and we are excited to add these operations to our Rush Truck Center network. We look forward to continuing the standard of service excellence they have established in these markets. We are also pleased to expand our relationship withby representing reputable brands such as International and Idealease in this region of the country.”