Wabash National Corp has signed a letter of intent to acquire the privately held Breadner Group of Companies headquartered in Kitchener, Ontario, Canada. With 10 branch locations in six Canadian provinces, the Breadner Group distributes new trailers and provides new trailer services and aftermarket parts. The Breadner Group had revenues in excess of $100 million in 1999.
The proposed acquisition is subject to execution of a definitive purchase agreement and customary conditions to closing, including approval by both companies' boards of directors and satisfactory completion of due diligence. The transaction is currently scheduled to close during fourth-quarter 2000.
Jerry Ehrlich, chairman, president, and chief executive officer of Wabash, said, "This acquisition is a part of our strategy to expand our retail branch network. If completed, the addition of the Breadner Group would result in an approximate 25% increase in retail revenues and bring the number of retail branches to approximately 50 locations throughout the United States and Canada."
