Using an all-cash transaction, Liquidity Services, Inc. (LSI) today announced it is acquisition of TruckCenter.com, an online marketplace for fleet and transportation equipment currently serving Bank of America, Wal-Mart, and several other prominent groups.
TruckCenter.com will now operate as part of LSI’s “Commercial Asset Recovery” division. The acquisition is part of a strengthening business for LSI’s foray into the transportation industry.
“Transportation assets are an increasingly important category in our business with sales of approximately $100 million annually. With the addition of TruckCenter.com, we are excited to further expand this vertical and provide an enhanced solution for Liquidity Services’ and TruckCenter.com’s impressive base of clients and buyers,” said Bill Angrick, LSI’s chairman and CEO. “As we continue to grow our commercial and public sector business, the expertise and services of TruckCenter.com will allow Liquidity Services to strengthen our position for existing and new clients, as the leading marketplace for transportation assets and surplus goods and equipment in general.”
LSI expects to add $50 million in gross merchandise volume as a result of the deal, which will close next month with a $9 million cash payment.
“We are excited to join Liquidity Services and combine our industry-leading services to provide the most robust solution for the management and sale of surplus transportation assets,” said Jerry Connolly, TruckCenter.com’s CEO. “Liquidity Services’ expansive base of 1.5 million registered buyers, technology expertise and value-added services will help increase recovery value and shorten the sales cycle for our selling clients while also providing easier access to a broader range of products for our buying customers.”
