MUSKEGON — Heavy truck industry supplier SAF-Holland Inc. has acquired a majority stake in a company that manufactures automatic tire pressure management systems.
According to a statement, SAF-Holland, which is based in Luxembourg and maintains its North American headquarters in Muskegon, purchased a 51-percent stake in Nashville, Tenn.-based PressureGuard LLC.
The deal, which closed Jan. 9, also gives SAF-Holland an option to acquire the remaining outstanding shares in the company from former owner Servitech Industries Inc.
SAF-Holland said the purchase price was “in the low single-digit million euro range,” but did not disclose specifics.
The management team at PressureGuard plans to remain in place and support the integration process into SAF-Holland, according to a statement.
Executives said the deal strengthens and complements SAF-Holland’s North American product offerings; the products also could be offered in Europe, China and other markets “in the medium term” by mid 2020.
“This pre-assembled solution addresses many of the challenges facing fleet managers today and simplifies the ordering, production and customer service processes,” stated SAF-Holland CEO Detlef Borghardt. “By now integrating our own system, we are able to significantly increase the penetration rate of tire pressure management systems in our axle systems.”
Nashville-based Servitech Industries, a supplier of coating services for a range of industries, acquired PressureGuard in 2014.