Alamo Group to acquire Morbark for approximately $352M
Alamo Group announced that it has entered into an agreement to acquire 100% of the outstanding capital shares of Morbark, a leading manufacturer of equipment and aftermarket parts for forestry, tree maintenance, biomass, land management and recycling markets. These products are marketed under the Morbark, Rayco, Denis Cimaf and Boxer Equipment brand names. The company's annual sales were $225.5M in 2018 and the company had trailing twelve month sales of $233M as of the end of July. Total consideration for the purchase is approximately $352M subject to certain adjustments. The acquisition, which is expected to close in the fourth quarter, is subject to a number of conditions, including the receipt of regulatory approvals and other pre-closing requirements.