Rush Enterprises, Inc. filed SEC Form 8-K: Completion of Acquisition or Disposition of Assets, Regulation FD Disclosure, Financial Statements and Exhibits

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Date of Report (Date of earliest event reported): December 13, 2021

 

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Registrant’s telephone number, including area code: (830) 302-5200

 

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Securities registered pursuant to Section 12(b) of the Act:

 

 

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Item 2.01 Completion of Acquisition or Disposition of Assets.

 

On December 13, 2021, certain subsidiaries of Rush Enterprises, Inc. (collectively, the “Company”) completed the acquisition of certain of the assets of Summit Truck Group, LLC and certain of its subsidiaries and affiliates (collectively, “Summit”) for a purchase price of approximately $205.0 million, excluding the real property associated with the transaction. The Company financed approximately $102.0 million of the purchase price under its floor plan and lease and rental truck financing arrangements and financed the remainder of the purchase price through cash on hand. In addition, the Company purchased certain real estate owned by Summit for a purchase price of approximately $56.0 million with cash on hand.

 

The following chart sets forth the newly acquired dealerships’ commercial vehicle sales, leasing, rental, parts and service operations by location:

 

 

With respect to the Wichita Falls, Texas facility, the Company will operate it as a full-service Peterbilt commercial vehicle dealership. As shown above, the Company acquired the majority of the real property associated with the acquired assets and assumed the leases for the real property it did not purchase.

 

 

On December 14, 2021, the Company issued a press release announcing the completion of the acquisition. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference.

 

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.