Formerly owned by Dover Corporation, global road tanker and specialty trailer manufacturer Heil Trailer International has been sold to American Industrial Partners, a middle market private equity firm.
The deal is said to be worth approximately US$220 million.
Following the sale, Heil Trailer appointed Randall Swift as its chief executive officer. Prior to joining Heil Trailer, Swift was CEO of Allied Specialty Vehicles Inc (ASV), manufacturer of a diverse range of specialty vehicles including ambulances, terminal trucks, fire trucks, school buses, and motor homes, among other products. ASV is a portfolio company of American Industrial Partners.
In addition, Bob Foster has re-joined Heil Trailer as its chairman of the board. Foster was president of Heil Trailer for 15 years prior to his retirement in 2006, during which time he successfully led a number of growth initiatives that more than doubled the company’s size and made it a globally diversified operation.
“I look forward to continuing the company’s focus on the fundamental elements of what built Heil Trailer into the business it is today – taking care of our customers and manufacturing the highest quality products in the industry,” Foster said. “I am very pleased to be once again part of an independent Heil Trailer.”
Heil Trailer was founded in Wisconsin in 1901 and is headquartered in Athens, Tennessee. The company is a global enterprise with three manufacturing facilities in North America, in addition to facilities in both Thailand and Argentina which address the growing emerging markets of Asia and Latin America respectively.