Alamo Group last week completed the acquisition of Rivard Developpement, a leading French manufacturer of vacuum trucks, high-pressure cleaning systems and trenchers. The purchase price was €14.5 million (about US $22.5 million) plus the assumption of certain liabilities. The majority of the purchase price was funded utilizing the company’s cash reserves in Europe, with the balance from bank credit facilities. Rivard’s sales in 2007 were €40 million, (about US $62 million) and the company has 275 full-time employees. Rivard is located in Daumeray, France, and was founded in 1952.
“Rivard is an excellent fit for Alamo Group,” said Ron Robinson, Alamo Group’s president and CEO. “We believe the acquisition will be accretive in 2008 and its products are complementary with those we currently offer in North America. This acquisition is also consistent with our ongoing strategy to broaden our range of infrastructure maintenance equipment to governmental entities and related contractors.”
Geoffrey Davies, Alamo Group’s vice president & European managing director, added, “The acquisition of Rivard immediately broadens our product offering to many of our customers in Europe and other markets we serve. As a part of Alamo Group, we believe we can capitalize on Rivard’s successes, moving beyond their traditional products and markets.”
Seguin, Texas-based Alamo Group designs, manufactures, distributes and services high-quality equipment for right-of-way maintenance and agriculture. Our products include truck- and tractor-mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, pothole patchers, excavators, vacuum trucks, agricultural implements and related aftermarket parts and services. The company operates 16 plants in North America and Europe.
