Cargo and specialty trailer manufacturer Pace American Inc. has finalized its acquisition of Bristol, Ind.-based J&L Cargo Express. Terms of the purchase were not disclosed.
“With this acquisition, we are continuing to further our ongoing strategy to strengthen and grow Pace American’s industry leading market share position,” said Mitchell Bender, CEO of Middlebury, Ind.-based Pace American.
According to Pace, Cargo Express will retain its own brand identity along with its independent dealer network and staff, including Cargo Express President and General Manager Lyle Miller.
“Having watched my company grow over the past 15 years, it was personally important to both me and my family that we sold it to a purchaser that shared our values,” Miller said. “We’ve respected Pace American as our largest competitor from the beginning and I am proud to know that they will carry on the quality and integrity that have been the foundation of Cargo Express’ success.”
The move represents the first acquisition by Pace and, according to President Jack Cordan, is indicative of the company’s stability.
“Although our nation is preoccupied with the current economic conditions, Pace American is in a stronger financial position than ever,” he said.
In addition to its operations in Middlebury, Pace has manufacturing facilities in Fitzgerald and Eastman, Ga., Lebanon, Ore., McGregor, Texas, and Hurricane, Utah. Pace also maintains a network of over 450 authorized dealers nationwide and is parent to Optima Industries LLC, a manufacturer of aluminum trailers, motorcoaches and toterhomes.