TRUVOX TO JOIN TACONY CORPORATION
British commercial
floor care machine manufacturer Truvox International and Tacony Corporation
have announced that Truvox’s shareholders have accepted a definitive offer from
Tacony to acquire all the equity of Truvox. The deal, which is subject to due
diligence, is expected to close this summer. The value of the deal was not
disclosed.
The merger now
combines the market strength and broad product range of Tacony Corporation’s
Powr-Flite Commercial Floor Care Division and CFR Environmental Carpet Cleaning
Systems in the United States, together with the Truvox and Cimex branding and
market presence in the United Kingdom, Europe, Mid-East, Africa and
Asia-Pacific regions.
By merging the two
companies, Tacony will establish a unique competitive position as an
industry-leading, full-line supplier of total floor care machines with
worldwide market penetration.
“We believe that
merging with Tacony is the best path forward for those involved in our
business,” said Truvox Managing Director, Peter Holt. “Both companies are
passionate about serving the needs of the floor cleaning market and our
visions, technologies and overall strategies are very closely aligned already.
“Putting together
our two companies will benefit customers worldwide. I am looking forward to
leading a team that will become a key part of such a well-run, family-owned
company with a solid balance sheet and a proven track record in growing
companies that join the corporation.”
According to
Tacony Corporation President and CEO, Bill Hinderer, the Truvox merger makes
tremendous sense for customers, shareholders and employees alike.
“No other company
will be able to offer a similar range of high-performance hard floor machines,
carpet cleaning systems and specialist machines,” he said. “This deal is as
close to a perfect match as you can get for a merger of this size in the
cleaning equipment sector. Tacony can bring the product, market and industry
leadership proposition that will position Truvox for a new era of growth.”
