Reedsburg, Wisconsin—Columbia ParCar Custom Carts, Inc. announced today, an agreement to purchase certain assets of Tomberlin Automotive Group, Inc. Tomberlin is a recognized leader and manufacturer in the electric vehicle market with distribution throughout the United States and approximately 30 countries generating over $70 million in sales since 2007.
"The acquisition of Tomberlin enables Columbia ParCar to market additional vehicles and distribution worldwide, creating a larger and more agile sales and service network. This positions Columbia to be the leader in the Electric Powered Low Speed Vehicle (LSV) and Passenger Transport Vehicle (PTV) markets. This further leverages the considerable investment we have made manufacturing and distributing pure electric vehicles for the widest array of applications" said Todd Sauey, Chairman of Columbia ParCar.
"The combined product portfolios across multiple commercial and consumer based platforms will create the worlds leading privately held EV company and a very compelling message for our Dealers, Distributors and Consumers. The result will blend product innovation with superb branding into our heritage of customer care that dates back to 1946. A winning combination in any strategic initiative" said Scott Breckley, President of Columbia ParCar.
"We're at the center of an exciting trend in a fast paced industry that this acquisition will capitalize on. Our teams are enthusiastic and while much work remains, the future is bright. Assets are being deployed to assure we have a professional and prudent roll out that meets the standards Columbia ParCar and the Nordic Group have delivered for decades. Our advisory group played a key role led by Marc Borrelli, Managing Director and Principal at Corporate Finance Associates. We'll be in regular communication with our channel partners, suppliers and technology alliances regarding this outstanding opportunity." said Michael Tomberlin.
The agreement anticipates closing within the next 45 days subject to final approvals and certifications. Integration teams are working on exchanging information and developing robust market launches of new Dealer offerings and expanded parts & accessories programs. Until this transaction closes, the companies will maintain their separate business operations. No other details will be publicly available until closed.
Based in Reedsburg, Wisconsin, Columbia is a premier electric vehicle manufacturer whose history dates back to 1946. Columbia has one of the most expansive electric vehicle product line-ups in the world. Columbia produces electric vehicles for private use as well as commercial and industrial applications that include models that move from 1 to 24 people, carry up to 6,000 pounds of payload, tow up to 16,000 pounds and travel up to 25 miles per hour. For more information visit www.parcar.com.
Columbia ParCar Corp. is a member of the Nordic Group of Companies, Ltd. Nordic Group (headquartered in Baraboo, Wisconsin) is a privately-held holding company consisting of subsidiaries with 22 facilities, and 24 marketing units around the world with over 2,400 associates. Nordic Group member companies manufacture and distribute plastic, seating and transportation products worldwide for industrial, commercial and consumer markets. For more information visit www.nordicgroup.com.
Tomberlin designs, manufactures, and distributes advanced electric vehicles targeting neighborhood and close-in-commuting use. Tomberlin utilizes a community-based distribution network throughout the USA, South America, Europe and Asia. Tomberlin is a privately held company founded in 2006 with offices in Georgia and South Carolina and distribution points in several countries.
Founded in 1956, Corporate Finance Associates is one of the largest and most experienced middle-market M&A advisory and investment banking firms in the nation. CFA has offices throughout the world.
Contacts:
Columbia ParCar Corp. Media Contact: Greg Breckley
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