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Interstate Companies has reached an agreement to purchase the assets of Lodi Truck & Equipment in Sacramento, Calif. Financial details of the purchase were not released by the privately held companies.
The deal adds momentum to Interstate’s growing final stage manufacturing business, adding new employees and the company’s first brick and mortar location in California.
“Lodi’s business is a great fit for us, and we are very happy to be adding their leader, Spencer Hinson, to our management team as part of this deal. When added to our existing operations at Southwest Products (SWP) in Phoenix, the combination will be an incredible resource for our customers with operations in the Southwest and Western United States,” says Travis Penrod, Interstate CEO. “The team at Lodi do great work, and we’re really proud to have a chance to add their talents to our newly-formed Commercial Vehicle Group.”
Hinson says, “I am incredibly proud of what Lodi and our employees have accomplished as a single location truck equipment distributor for the last 20 years. The time is right, however, to look forward and create a more substantial regional presence. Interstate brings tremendous experience and resources affording Lodi the opportunity to grow and better serve our customers. At the same time, our employees will enjoy what I believe is an excellent cultural fit. I really could not be more excited about the future this combination brings.”
With the acquisition of Lodi Truck and Equipment, Interstate will operate over 50 business units in 36 locations across 14 states in the Midwest, Rocky Mountain, Southwest, and West regions of the United States. Interstate’s corporate headquarters is at 2901 E. 78th St., in Minneapolis, MN.