NACCO MATERIALÂ HANDLING GROUP ANNOUNCES CONVERSION OF COMPETITOR DEALER AND EXPANSION OF DUAL BRAND DISTRIBUTION
Cleveland, Ohio, June 17, 2015 – NACCO Materials Handling Group, Inc. ("NMHG") announced today that pending the completion of the proposed transactions between Gregory Poole Equipment Company, Dougherty Equipment Company, Inc., LiftOne LLC, VBS Inc. Material Handling Equipment, and Briggs Equipment, Inc. and execution of dealer agreements, the Company will have successfully completed a major restructuring of the dealer networks for its Hyster® and Yale® brands across six states.
Some time ago, Dougherty Equipment Company Inc., a Yale® dealer, advised NMHG of its intent to sell its dealer operations, located in portions of North Carolina, South Carolina, Virginia and Georgia, upon the retirement of its Owner and Chief Executive Officer, Michael Dougherty. Over the past year, NMHG has worked with Dougherty to develop a viable succession plan and to help facilitate the sale of its material handling operations, while ensuring continuity for customers and associates.
NMHG is pleased to announce that a letter of intent to acquire Dougherty’s operations has been executed by Gregory Poole Equipment Company, headquartered in Raleigh, NC. At closing, expected around October 1, 2015, Gregory Poole will sell a portion of the Dougherty assets to LiftOne, LLC a dual brand dealer of Hyster and Yale lift trucks headquartered in Charlotte, NC. Also, in related transactions, Gregory Poole has executed letters of intent to acquire VBS Inc. Material Handling Equipment, a current Hyster® dealer with six branch locations across VA, WV and NC, and certain assets and facilities of Briggs Equipment, Inc., a dual-brand Hyster® and Yale® dealer.
Subsequent to the completion of the transactions, Gregory Poole will become the Yale® dealer in portions of North Carolina, South Carolina and Virginia, and the Hyster® dealer in most of Virginia and in portions of North Carolina, South Carolina and West Virginia. Gregory Poole will transition from existing competitive supplier relationships when appointed to represent the Hyster® and Yale® brands.
LiftOne, LLC a subsidiary of Carolina Tractor and Equipment Company ("CTE"), is the current Hyster® dealer in portions of North Carolina, South Carolina, Georgia, Alabama, Virginia, Kentucky and the Hyster® and Yale® dealer in portions of Tennessee. Once the transactions are completed, LiftOne will represent Yale® in portions of North Carolina, South Carolina, and Georgia.
The Company is excited and looks forward to welcoming Gregory Poole to the business and believes the complexity of the transactions is mitigated by the talent, experience and leadership provided by Dougherty, VBS, and Briggs associates that are expected to become an integral part of the Gregory Poole enterprise and culture. The Company is pleased that its U.S. dual-brand dealer network will be expanded through both Gregory Poole and LiftOne upon completion of the proposed transactions and execution of dealer agreements for the assigned territories, in addition to the appointment of Briggs Equipment, Inc. as the dual brand dealer in South Florida, effective July 1, 2015, in an unrelated transition.
"Representing over 10,000 units per year, across five states with four eastern United States marine ports (Norfolk Wilmington, Charleston and Savannah), the market presently serviced by Dougherty Equipment, VBS and Briggs is critically important to both Hyster and Yale," said NMHG Vice President Dealer Business Development, Bob Sattler. Network re-engineering and competitive conversion activity are important in securing our position as industry leaders in independent distribution. We are delighted to welcome Gregory Poole as our newest dealer and believe that their commitment to excellence and record of success representing competitive brands will be quickly translated into success with Hyster and Yale customers. The customer base in this re-engineered territory includes a diversified group of paper, pulp and wood processors, light and heavy manufacturing, conversion and assembly plants, as well as regional and national distribution centers requiring the complete range of material handling equipment and services that Hyster Company and Yale Materials Handling Corporation can uniquely support"
About NACCO Materials Handling Group, Inc
NACCO Materials Handling Group (NMHG) designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. NMHG is a wholly owned subsidiary of Hyster-Yale Material Handling, Inc. (NYSE:HY). HysterYale Materials Handling, Inc. and its subsidiaries, headquartered in Cleveland, Ohio, employ approximately 5,400 people worldwide. For more information, visit www.hyster-yale.com.
About Gregory Poole Equipment Company
Gregory Poole Equipment Company, founded in 1951, is headquartered in Raleigh, North Carolina. Since establishment, Gregory Poole has become the Caterpillar construction equipment dealer for eastern North Carolina and has expanded its operation to 17 locations reaching North Carolina, South Carolina, Virginia, and parts of West Virginia. Gregory Poole Lift Systems is an award winning Division of Gregory Poole Equipment Company. Each Gregory Poole Lift Systems branch location provides full maintenance, field service, OSHA Safety Training, Fleet Management and rental services through experienced and highly trained forklift technicians, state-of-the-art tooling, and a fully stocked parts department. The Gregory Poole Lift Systems Division has been awarded many honors including Mitsubishi Caterpillar Forklift America (MCFA) "Quest for Excellence" program 7 out of last 9 years and the "Most Valuable Partner" award from Material Handling Equipment Distribution Association (MHEDA) for the past 3 years. For more information on Gregory Poole Equipment Company, please visit www.gregorypoole.com or call 800-451-7278.
About Dougherty Equipment Company, Inc.
Dougherty Equipment Company, Inc. was founded in 1984 by Michael Dougherty and has successfully grown to represent Yale® products and service customers through 14 locations in portions of VA, NC, SC and GA. Dougherty with over 300 associates has been recognized by NMHG for excellence in 21 consecutive years. For more information, visit www.doughertyequipmentcompany.com.
About LiftOne LLC
Headquartered in Charlotte, North Carolina, LiftOne (www.liftone.net) is a full-service material handling dealership with branch locations in North Carolina, South Carolina, Alabama, Georgia, and Tennessee. Since 1926, LiftOne has been committed to being its customers’ trusted partner by offering the highest levels of support and services. LiftOne offers a wide range of Hyster and Yale lift trucks; from pallet jacks to 115,000-lb container handlers, specialty equipment such as Ottawa trailer spotters and Rail King rail car movers as well as the related aftermarket services to keep those products moving quickly, smoothly, and safely throughout the supply chain. The CTE family of companies is also positioned to support Caterpillar® construction, forestry, paving products, and power generation systems as well as LinkBelt® cranes. As a recipient of Hyster Company Dealer of Distinction, MHEDA’s Most Valuable Partner and Ottawa Premier Partner awards, LiftOne has been recognized as achieving the highest standards for its customers and manufacturing partners.
About Briggs Equipment, Inc.
Headquartered in Dallas, Briggs International, Inc. and its subsidiaries are leading providers and renter of premium Yale and Hyster material handling equipment, currently with locations in the United States, the United Kingdom and Mexico. In addition to providing Yale and Hyster brand lift truck and fleet management services, Briggs also represents a variety of other allied equipment manufacturers. Offering full-service solutions to customers, Briggs supports its customers with financing, safety training, a market-leading parts inventory and 24-hours-a-day, 7-days-a-week service programs. The company's over 1,000 service technicians and 1,700 associates are situated across (31) locations. More information at www.briggsindustrial.com. Briggs Equipment, Inc. is a Sammons Enterprises, Inc. company.
About Virginia Bearings & Supply Co. (dba VBS, Inc. Material Handling Equipment)
Headquartered in Richmond, Virginia, VBS is a fourth generation family-owned material handling solutions provider for VA, eastern NC, southeastern WV and southern MD with multiple Hyster® Dealer of Distinction recognitions. VBS has served national, regional and local customers for over 80 years and presently operates through 5 branch locations. VBS has successfully represented Hyster® since 1948. Claude Crosby, President, believes that all business activities fall within a finite number of significant processes, and VBS uses those processes every day to focus on helping our customers improve the efficiency and effectiveness of their operations, identify better cost solutions and find ways to build their business. More information at www.vbsmhe.com.
