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Rush Enterprises, Inc.
RUSHARUSHB, which operates the largest network of
commercial vehicle dealerships in North America, today announced that its
subsidiaries have acquired certain assets of MVI Group, which operates
commercial truck and bus dealerships in Ohio under the names of Miami Valley
International, Center City International, CCI North Coast and Buckeye Truck
Centers. The acquisition includes International, IC Bus, Isuzu and Idealease
franchises and locations in Akron, Cincinnati, Cleveland, Columbus, Dayton,
Findlay and Lima, Ohio.
The purchase price for the assets, goodwill and the three dealership
properties that were purchased was approximately $107 million. The Company
will finance approximately $71 million of the purchase price under its floor
plan, accounts receivable, and lease and rental truck financing
arrangements. The Company expects the acquisition to be accretive to future
earnings.
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