USCO and Strickland Tracks announce the acquisition of a 75% stake in Strickland Tracks (“Strickland”) by USCO S.p.A. (“USCO”)
Modena – August 13th, 2019. USCO, a world-wide leading supplier of aftermarket and OEM parts to the global earthmoving machinery industry, has announced the acquisition of a 75% stake in Strickland Tracks. The completion of the deal is expected in October following the approvals from the relevant market competition authorities.
Founded in 1945 and based in Birmingham (England), with subsidiaries in Wuxi (China) and in the Maharashtra region (India), Strickland Tracks is the world-wide leader in the undercarriage crawler track business. Strickland reported a 2018 turnover of GBP 73.3mln.
Strickland has been controlled by the O’Neill Family from 2006 and at Closing will retain a 25% stake in the business. All existing key management will remain with the business, with Chris Hopcroft remaining as Managing Director.
“For us, Strickland represents a significant opportunity to enter the OEM segment of the assembly frame for medium-low weight machines as well as to increase our presence in the UK market and to acquire potential fast-growing businesses in China and India” - said Massimo Galassini, Executive Chairman of USCO. “We are excited to work with the O’Neill Family and their team to enhance the development of our global footprint as well as the consolidation of the USCO Group position as a recognized world- wide leader in the earth-moving machine components market”.
“USCO, with its global distribution footprint and high-quality engineering has established itself as a pre- eminent supplier with a differentiated value proposition for its customers,” said Pat Dooey, Chairman of Strickland Tracks. “We are delighted to work with USCO to further develop our product offering, with our most immediate goal ensuring our customers continue to receive the high levels of service they have come to expect from Strickland. We are confident this long-term partnership with USCO is the right decision for our customers, employees and vendors.”
USCO has been assisted by the financial advisor Eidos Partners while Strickland has been assisted by ASM.
USCO has been assisted by the law firm Simmons & Simmons, while Strickland has been assisted by the law firm A&L Goodbody.
Founded in 1989 and headquartered in Modena, Italy, the USCO Group reported a turnover of Euro 515mln in 2018. The USCO Group, through its world-wide recognized brand ITR, manufactures and distributes an extensive range of components for the earthmoving machines industry. With manufacturing centers in the United States, China, Italy, South Korea and Spain, and over 50 distribution and service centers at worldwide level, USCO employs approximately 1,700 employees.