Electric vehicle (EV) manufacturer GreenPower Motor Company recently acquired Torrance, Calif.-based Lion Truck Body, a truck body upfitter.
The deal delivers “robust potential” for GreenPower’s EV Star truck customers, the companies said.
Their asset purchase agreement includes an upfront cash payment of $215,000, GreenPower’s assumption of certain liabilities totaling approximately $1.45 million, and remaining cash payments of up to $25,000, GreenPower said.
“Our customers seek energy-efficient solutions that maximize cargo capacity and delivery range,” said Brendan Riley, president of GreenPower. “Lion Truck Body’s expertise in bodybuilding with our EV Star CC (cab and chassis) addresses these requirements directly.”
GreenPower makes and distributes zero-emission, medium- and heavy-duty vehicles. Lion designs and installs a line of truck bodies, including refrigerated, dry-freight aluminum, and service bodies, as well as aluminum and stake beds, and flatbeds, for the goods movement, construction, catering, landscaping, utility, and service industries.
Lion generated approximately $3.5 million in revenue in its most recently completed fiscal year, GreenPower said.
“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 vs. taking months,” Riley said. “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.”
