Evanston, Ill., January 14, 2021 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that its existing portfolio company Monroe Truck Equipment, Inc. (“Monroe”), has acquired Southern Coach (the “Company”). Terms of the transaction were not disclosed.
Southern Coach is a commercial and custom vehicle upfitter based in Kernersville, N.C. The Company offers upfitting services for Chevrolet, GMC, Ford and RAM trucks, providing work-ready vehicles to original equipment manufacturer (“OEM”) dealerships across the Southeast.
The addition of Southern Coach to the family of Monroe brands provides customers in the region access to expanded services and capabilities, as well as greater access to Monroe’s commercial work truck platforms, bailment pools and national ship-thru capabilities. Monroe now has eight facilities throughout the U.S.
“We are excited about the opportunities this acquisition creates for commercial work truck customers and our combined businesses,” said Tom Ninneman, CEO of Monroe. “The Southern Coach brand has been built by helping its OEM partners and customers sell more – aligning perfectly with us. I am impressed with the Southern Coach team and their track record, knowing we will provide additional resources to fuel their continued growth.”
Andy Weller, Chairman of Monroe and an IOP Operating Principal, commented, “This strategic acquisition combines Southern Coach’s experience and presence in the Southeast with Monroe’s national scale, further strengthening Monroe’s brand and product offering.”
About Southern Coach
Southern Coach is a commercial and custom vehicle upfitter based in Kernersville, N.C. Southern Coach offers upfitting services for Chevrolet, GMC, Ford and RAM trucks, providing work-ready vehicles to OEM dealerships across the Carolinas, Virginia, West Virginia, Georgia, Alabama, and Tennessee. For more information, visit www.southerncoach.net.
About Monroe
Monroe specializes in the design, manufacture, distribution and installation/upfitting of specialized truck equipment for the municipal and commercial markets. For more information about Monroe, visit www.monroetruck.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $450 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.