Wabash National Corp. on Wednesday, March 28, announced that it has entered into a definitive agreement to acquire Walker Group Holdings, a manufacturer of liquid-transportation systems and engineered products, for $360 million. Wabash says it has received committed financing from Morgan Stanley and Wells Fargo of up to $450 million to fund the purchase price and provide additional financial resources.
“Consistent with our diversification strategy, we are very excited to join forces with Walker, a clear leader in a complementary and growing market,” says Richard Giromini, Wabash National’s president and chief executive officer. “The company has a leading position in nearly every one of its product categories, well-known brands, strong customer relationships that span over decades and high-margin products supported by industry-leading innovation and low-cost manufacturing.
“We are particularly pleased to be adding a deep and talented team under the leadership of Doug Chapple,” Giromini continues. “Our two companies share a strong cultural fit, and we look forward to completion of the transaction to then begin to integrate best practices, leverage individual talents and accelerate strategic growth initiatives across the combined entity.”