Changes to Yale and Hyster’s US dealer network

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, 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.

A letter of intent to acquire Dougherty’s operations has been executed by Gregory Poole Equipment Company. 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, North Carolina. Also, in related transactions, Gregory Poole has executed letters of intent to acquire operations of VBS Inc Materials Handling Equipment, a current Hyster dealer with six branch locations across Virginia, West Virginia and North Carolina, and certain assets and facilities of Briggs Equipment 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, is the current Hyster dealer in parts of North Carolina, South Carolina, Georgia, Alabama, Virginia and Kentucky, and the Hyster and Yale dealer in parts of Tennessee. Once the transactions are completed, LiftOne will also represent Yale in parts of North Carolina, South Carolina, and Georgia.