Note 12 - Acquisitions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Business Combination [Text Block] |
12 – Acquisitions
The following acquisitions, unless otherwise noted, were considered business combinations accounted for under ASC 805 “Business Combinations.” Pro forma information was not included in accordance with ASC 805 because the acquisitions were not considered material.
On June 16, 2025, RTC Canada acquired 100% of the outstanding shares of Leeds Transit, Inc. The acquisition included IC Bus and Collins Bus franchised commercial vehicle dealership locations in Elgin and Woodstock, Ontario and a sales office in St-Roch-de-l’Achigan, Quebec, along with commercial vehicle and parts inventory. The transaction was valued at approximately $25.6 million, with the purchase price paid in cash, with borrowings made pursuant to the RTC Canada’s floor plan credit agreement and a mortgage to finance the real estate.
On June 15, 2026, the Company acquired 100% of the outstanding shares of Carrier Truck Center, Inc. The acquisition included International commercial vehicle dealership franchises in Brantford, Windsor, London, Sarnia and Woodstock Ontario, along with commercial vehicle and parts inventory and an Idealease franchise. The transaction was valued at approximately $25.2 million CAD, with the purchase price paid in cash with borrowings made pursuant to RTC Canada’s floor plan credit agreements and a $10.0 million term loan.
On June 29, 2026, the Company acquired certain assets of Peterbilt of Louisiana, which included Peterbilt commercial vehicle franchises in Baton Rouge, Lafayette, Lake Charles, New Orleans and Houma, along with commercial vehicle and parts inventory. The transaction was valued at approximately $36.9 million, with the purchase price paid in cash, The Company is under contract to acquire certain real estate owned by an affiliate of Peterbilt of Louisiana and such transactions are expected to close in the third quarter. |