NACCO Materials Handling Group Acquires Competitor Dealers
NACCO Materials Handling Group, Inc. (NMHG), Cleveland, Ohio, announced plans to acquire Gregory Poole Equipment Co., Dougherty Equipment Co., Inc., LiftOne LLC, VBS Inc. Material Handling Equipment and Briggs Equipment, Inc., thus restructuring the dealer networks for its Hyster and Yale brands across six states.
Some time ago, Yale dealer Dougherty Equipment, Ladson, S.C., advised NMHG of its intent to sell its dealer operations located in portions of North Carolina, South Carolina, Virginia and Georgia, upon the retirement of owner and CEO Michael Dougherty. Over the past year, NMHG has worked with Dougherty to develop a viable succession plan and to help facilitate the sale of its material handling operations, while ensuring continuity for customers and associates.
NMHG’s letter of intent to acquire Dougherty’s operations was executed by Gregory Poole Equipment, Raleigh, N.C. At closing, expected around Oct. 1, Gregory Poole Equipment will sell a portion of the Dougherty assets to LiftOne, LLC, a dual-brand dealer of Hyster and Yale lift trucks headquartered in Charlotte, N.C.
Gregory Poole Equipment also executed letters of intent to acquire operations of VBS Inc. Materials Handling Equipment, a current Hyster dealer with six branch locations across Virginia, West Virginia and North Carolina, and certain assets and facilities of Briggs Equipment, Inc., a dual-brand Hyster and Yale dealer based in Dallas, Texas.
Subsequent to the completion of the transactions, Gregory Poole will become the Yale dealer in portions of North Carolina, South Carolina and Virginia, and the Hyster dealer in most of Virginia and in portions of North Carolina, South Carolina and West Virginia. Gregory Poole Equipment will transition from existing competitive supplier relationships when appointed to represent the Hyster and Yale brands.
LiftOne, LLC, a subsidiary of Carolina Tractor and Equipment Co., is the current Hyster dealer in portions of North Carolina, South Carolina, Georgia, Alabama, Virginia and Kentucky, and the Hyster and Yale dealer in portions of Tennessee. Once the transactions are complete, LiftOne will also represent Yale in portions of North Carolina, South Carolina and Georgia.
“Representing over 10,000 units per year across five states with four eastern United States marine ports (Norfolk, Wilmington, Charleston and Savannah), the market presently serviced by Dougherty Equipment, VBS and Briggs is critically important to both Hyster and Yale,” says Bob Sattler, NMHG vice president dealer business development. “Network re-engineering and competitive conversion activity [is] important in securing our position as industry leaders in independent distribution. We are delighted to welcome Gregory Poole [Equipment] as our newest dealer, and believe that their commitment to excellence and record of performance representing competitive brands will quickly translate into success with Hyster and Yale customers. The customer base in this re-engineered territory includes a diversified group of paper, pulp and wood processors, light and heavy manufacturing, conversion and assembly plants, as well as regional and national distribution centers requiring the complete range of material handling equipment and services that Hyster Co. and Yale Materials Handling Corp. can uniquely support.”