Yanmar Group announced the completion of its acquisition of compact equipment manufacturer ASV Holdings. The announcement is the final step in the acquisition, following on from the June disclosure of a definitive agreement to acquire the company through the mechanism of a statutory merger.
Yanmar has acquired 100% of ASV’s outstanding shares of common stock for total consideration of $70.70 million, or $7.05 per share.
ASV’s independent dealer network throughout North America, Australia, and New Zealand will join Yanmar’s existing global construction equipment operations. The company also sells OEM equipment and aftermarket parts and owns and operates a 238,000 square-foot production facility in Grand Rapids, Minn.
“We expect ASV to realize significant channel and product synergies after joining the Yanmar Group,” stated Mr. Giuliano Parodi, executive officer of Yanmar Holdings. “In addition, the ASV Grand Rapids facility will continue as a center of excellence for compact tracked loaders and skid steer loaders, while benefiting from the global capacity and resources of the Yanmar Group.”
The acquisition strengthens the Yanmar’s range of compact equipment products, allowing it to offer full dig, load, carry solutions on the worksite and contribute to Yanmar’s prospects for growth in North America and globally.