PacWest Machinery Acquires Assets of Clyde/West, Inc. Appointed as Volvo Construction Equipment Dealer

Dec 15, 2015, 14:23 ET from Joshua Green Corporation

SEATTLE, Dec. 15, 2015 /PRNewswire/ -- PacWest Machinery LLC of Seattle, Washington announced today the acquisition of the operating assets of Clyde/West, Inc., Portland, Oregon, a company that has supplied equipment to a growing construction industry in the Pacific Northwest for over 100 years.  PacWest Machinery was also appointed as the Volvo Construction Equipment (Volvo CE) dealer in Washington, Oregon and Northern Idaho. Volvo CE is a leading manufacturer of heavy equipment in the construction, forestry, road and related infrastructure industries.

PacWest Machinery is owned by Seattle-based Joshua Green Corporation, a private company with interests in real estate, consumer goods, food manufacturing, distribution and public equities. "The entrance of Joshua Green into the equipment distribution segment is another example of our desire to make long-term investments in stable industries that show attractive growth potential," said Stan McCammon, President and CEO of the Joshua Green Corporation. "We take a long-term view when investing in regionally-based companies that are profitable and contribute in many important ways to the community. This long-term orientation sets Joshua Green apart from many investors and makes us an ideal partner for companies seeking capital or facing a generational transition."

As part of the transaction, industry executive Andy Wold will become an investor in the company and will serve as the Chief Executive Officer of PacWest Machinery. "Our affiliation with Volvo CE and the Clyde/West management team provides a platform to pursue attractive long-term growth opportunities," commented Mr. Wold. "Through the Joshua Green Corporation, we have access to the resources to invest in smart growth. As a key to our future expansion, the PacWest team is committed to providing customers with the finest products and aftermarket support services in the business."

Under the new dealer agreement, PacWest Machinery is given responsibility for the sales, rental and service for the full line of Volvo's general production equipment, road machinery and compact equipment. "This transition will be absolutely seamless with continued service to the many Volvo customers in the Pacific Northwest," Wold said. "Our team members will remain in their present positions to ensure all customer needs are met." PacWest Machinery will provide equipment and services to customers from four facilities located in Kent and Spokane, Washington and in Portland and Eugene, Oregon.

"The Joshua Green organization has a unique combination of skilled leaders and the necessary financial resources to capitalize on a growing economy in the West," said Goran Lindgren, president and CEO, Volvo CE North America. "Volvo will provide the products, support and resources required by PacWest Machinery and its management team to continue delivering the highest levels of customer satisfaction."

About Joshua Green Corporation
The Joshua Green Corporation is a Seattle-based private investment company owned by descendants of Joshua Green.  The company has its roots in the shipping industry dating back to the late 1800s, expanding in the 1920's into banking and insurance with its acquisition of People's Bank and its early investment in the predecessor company to SAFECO Insurance.  The Joshua Green Corp. invests for the long term, seeking to create value by investing in companies with existing management teams and excellent long-term business prospects.  In addition to the distribution segment through PacWest Machinery, Joshua Green has extensive private company interests in real estate, consumer goods, and food manufacturing, as well as the ownership of public equities.  More information can be found at www.joshuagreencorp.com.

About Clyde/West
Since its beginning in 1911 as a joint venture between the Clyde Iron Works and Marshall Wells Hardware, the Clyde/West companies have sold and serviced railroad equipment, steam winches, cable shovels, cement mixers, rock crushers, asphalt equipment and construction machines.  Clyde/West is owned by Patrick McConnell its President/CEO, and indirectly by its employees through an employee stock ownership plan.

About Volvo AB and Volvo Construction Equipment
The Volvo Group is one of the world's leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 100,000 people, has production facilities in 19 countries and sells its products in more than 190 markets. In 2014 the Volvo Group's sales amounted to approximately SEK 283 billion (EUR 31 billion). The Volvo Group is a publicly-held company headquartered in Goteborg, Sweden and its shares are listed on Nasdaq Stockholm. For more information, please visit www.volvogroup.com.

Volvo Construction Equipment (Volvo CE) is a leading global manufacturer of heavy equipment used for construction, infrastructure, forestry and other related industries. Volvo CE provides a full product range of quality machines that are manufactured, serviced and supported all over the globe. More information can be found at www.volvoce.com.

 

SOURCE Joshua Green Corporation



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