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GreenPower Motor Company Inc. is a leading manufacturer and distributor of electric-powered vehicles. It recently announced the acquisition by Lion Truck Body. The deal, which leverages the years of experience and expertise of Lion Truck Body, will offer strong potential for GreenPower’s EV Star truck customers.
Lion Truck Body is based in Torrance, California and designs and installs truck bodies that are strong and durable for various industries, including construction, catering, and landscaping. Lion Truck Body has a full line of truck bodies, including dry-freight aluminum and refrigerated aluminum, aluminum beds stake bed, flatbeds, and service bodies. Lion Truck Body’s most recent fiscal year saw a revenue increase of $3.5 million.
“Our customers are looking for energy-efficient solutions that maximize cargo capacity and deliverable range.” Brendan Riley, President at GreenPower, stated that Lion Truck Body’s bodybuilding expertise with the EV Star CC directly addresses these needs. This acquisition gives our EV Star truck customers many options for body types to suit their business needs. It can be completed in a matter of weeks, rather than months. Lion Truck Body has been a long-standing partner in the manufacture of lightweight, efficient truck bodies for the EV Star and other electric trucks. We are happy to include the Lion Truck Body franchise in our business.
GreenPower and Lion Truck Body reached an asset purchase agreement. GreenPower purchased the assets of Lion Truck Body through a wholly-owned subsidiary. GreenPower’s purchase price for Lion Truck Body includes upfront cash payments of $215,000 and the assumption of certain liabilities of approximately $1.45million. Cash payments up to $25,000 are also included. These payments are subject to customary adjustments.