Rudd Equipment has been purchased by Ferronordic, a Volvo Construction Equipment dealer based in Stockholm, Sweden. Ferronordic said the acquisition is the first step to expand into the United States market.
“This is a transformational transaction for us,” said Lars Corneliusson, CEO of Ferronordic, in a statement. “We have been looking for opportunities to expand geographically in other regions, mainly in developed markets. Rudd is a good strategic fit for Ferronordic and provides the platform and scale we have been looking for in the U.S. The acquisition gives us a strong base in a dynamic market that opens potential for further growth in North America.”
Rudd is headquartered in Louisville, Kentucky, and has 13 locations. Its territory includes Kentucky, Ohio, and most of Indiana. It also covers parts of Missouri, Illinois, West Virginia, Pennsylvania, Tennessee, and Maryland.
In 2022, Rudd had revenue of $308.3 million with an operating profit of $16.5 million, according to Ferronordic. It said the purchase price was $95.0 million. In addition, Ferronordic acquired two properties for $10 million, currently leased by Rudd.
“We are excited to welcome Ferronordic to our North American dealer network and see incredible opportunities ahead,” Scott Young, head of sales region North America for Volvo CE, in a statement. “We have a shared commitment to provide industry-best equipment, solutions, and support to our customers.”
Rudd Equipment was founded in Louisville in 1952 by Mason Rudd. In 1975, his son Mike joined the company and over the next 48 years focused on expanding its footprint into neighboring states.
