GreenPower Motor Co. has acquired Lion Truck Body.
GreenPower builds and distributes zero-emission, electric-powered, medium and heavy-duty vehicles, and said the deal will “provide robust potential for GreenPower's EV Star truck customers,” in a prepared statement.
Lion Truck Body designs and installs a range of resilient state-of-the-art truck bodies for industries including construction, landscaping, and utility sectors.
“Our customers seek energy-efficient solutions that maximizes cargo capacity and delivery range,” said Brendan Riley, president of GreenPower, in a statement. “Lion Truck Body’s expertise in bodybuilding with our EV Star CC addresses these requirements directly. 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. We have been working with Lion Truck Body for some time to make lightweight and efficient truck bodies for our EV Star as well as other models of electric trucks. We are pleased to add the Lion Truck Body franchise into our business.”
The agreement calls for GreenPower to purchase the assets of the business through a wholly owned subsidiary for upfront cash payments of $215,000, the assumption of certain liabilities totaling approximately $1.45 million, and remaining cash payments of up to $25,000, which remain subject to customary adjustments and other post-closing conditions.
Source: GreenPower Motor Co.
