- GreenPower (GPV) has acquired truck body specialist Lion Truck Body
- Consideration includes cash payments of up to US$240,000 and the assumption of US$1.45M in debt
- The acquisition will provide robust optionality for GreenPower’s EV Star truck customers
- GreenPower designs, builds and distributes a full suite of all-electric medium and heavy-duty vehicles
- GreenPower (GPV) is down by 0.69 per cent trading at $4.31 per share
GreenPower (GPV) has acquired truck body specialist Lion Truck Body.
Headquartered in Torrance, California, Lion Truck Body designs and installs truck bodies for a variety of industries including goods movement, construction, catering, landscaping, utility and service sectors. It generated approximately US$3.5M in revenue during its last fiscal year.
GreenPower’s purchase, through a wholly owned subsidiary, includes upfront cash payments of US$215,000, the assumption of liabilities of US$1.45M, and subsequent cash payments of up to US$25,000.
The acquisition is the culmination of the companies’ collaboration to make lightweight and efficient truck bodies for GreenPower’s EV Star as well as other electric truck models.
“Our customers seek energy-efficient solutions that maximize cargo capacity and delivery range. Lion Truck Body’s expertise in bodybuilding with our EV Star CC addresses these requirements directly,” said Brendan Riley, President of GreenPower. “This acquisition provides our EV Star truck customers with many options for any number of body types required to meet their business needs with greater speed to market – completed in a few weeks versus taking months.”
GreenPower designs, builds and distributes a full suite of all-electric medium and heavy-duty vehicles including transit buses, school buses, shuttles, cargo vans and a cab and chassis.
GreenPower (GPV) is down by 0.69 per cent trading at $4.31 per share as of 10:36 am EST.