Monroe Truck Equipment has acquired trailer manufacturer Towmaster Inc. Towmaster, based in Litchfield, Min., makes a range of trailers and delivery vehicles for the construction and rental markets. Towmaster also manufactures, distributes and installs truck equipment for the municipal and commercial markets specializing in snow- and ice-related equipment.
Monroe is a designer, manufacturer, distributor and installer of specialized truck equipment. The company upfits heavy, medium and light-duty vehicles for municipal, commercial and fleet customers. It is a portfolio company of Industrial Opportunity Partners, a private-equity firm based in Evanston, Ill.
The acquisition of Towmaster will add the Litchfield, Min., location to its installation facilities in Marshfield, Wis.; Flint, Mich.; Joliet, Ill.; and Louisville, Ky.
“The addition of Towmaster to our company is exciting on a number of fronts,” said Dave Quade, president of Monroe Truck Equipment. “Towmaster is a well-run company with an experienced and capable management team. Their trailer product line is a nice extension to our current products. Towmaster’s truck equipment division is well-established and gives us a larger footprint in the upper Midwest.”
“By entering into this relationship with Monroe, we will have access to capital, engineering resources, manufacturing capabilities and an expanded operational perspective," added Lennie Stuck, president of Towmaster. "Our goals are to reduce lead times, increase product offerings for both divisions and maintain our high standards of quality and service. The current management team will remain in their roles at the Litchfield facility.”
