Rush Enterprises has expanded its footprint with the purchase of certain assets of MVI Group in Ohio. MVI operates truck and bus dealerships under the names 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, OH, Rush said.
The purchase price was approximately $107 million. Rush Enterprises will finance approximately $71 million of the purchase price under its floor plan, accounts receivable, and lease and rental truck financing arrangements.
The newly acquired locations in Ohio will operate as part of the Company’s Navistar Division.
“Ohio is a key market for many of our large fleet customers,” said W.M. “Rusty” Rush, CEO and president. “Acquiring service points in most of the key markets in Ohio demonstrates our commitment to expand service solutions for our customers wherever they operate. We are excited to enter the Ohio market with Navistar’s International and IC Bus brands, Isuzu trucks and Idealease. We appreciate the support provided by representatives of Navistar, Isuzu and Idealease to help get this transaction closed in a very quick timeframe.”