California firm Green Automotive Company (GAC) has snapped up Transhock Ltd in a $1.8 million deal, as it aims to increase its range of remanufactured parts for electric vehicles.
The West Midlands based remanufacturer and distributor was acquired after recording revenues in excess of $7 million in the last financial year. GAC says the deal will extend and develop its remanufactured parts offering, especially as it focuses on battery technology for electric vehicles.
Directors of Transhock, David Davies and Derek Neale will continue with the business and have added to GAC’s management team.
David Davies, Director of Transhock, said: “We’re excited about joining the GAC Group, and feel ready to make a good contribution to the group’s overall strategy. Our business can operate easily on both sides of the ‘pond’, so we look forward to initiating our parts remanufacturing effort, especially for EV’s in America too.”
CEO of Green Automotive Company Ian Hobday added: “By bringing Transhock into the GAC team, we can add to their existing business our emerging electric vehicle parts business.
“By doing this we will gain economies of scale, improve turnaround time, expand our offerings and provide a finished product of a higher quality and better presentation.
“As the use of EV’s continues to grow so the demand for remanufacturing parts will grow with it, and we’ll be well placed to exploit this developing trend.”
A merge gac will regret.