Xtreme Manufacturing, the Las Vegas-based telehandler manufacturer owned by Don Ahern, will purchase a majority share of Snorkel, according to KHL.
Snorkel will be transferred to Snorkel International Holdings and Tanfield will retain a 49 percent share in the company.
Xtreme will invest $35 to $50 million to boost sales. If Snorkel reaches its profit targets in five years, Tanfield will receive $50 million, with its share dropping to 30 percent with the option to sell at a 5.5 EBITDA multiple.
Tanfield shareholders will vote on the proposal Oct. 7.