Hexagon Agility expands with Specialty Fleet Services acquisition
Deal News | Nov 11, 2024 | PR Newswire Cision Hexagon Composites ASA
Hexagon Agility, a subsidiary of Hexagon Composites, has announced the acquisition of Specialty Fleet Services, a company renowned for its natural gas (CNG, LNG, and RNG) mobile service and inspection offerings across the United States and Canada. This acquisition is poised to significantly enhance Hexagon Agility's FleetCare business by expanding its aftermarket service capabilities dedicated to clean fuel fleets. With Specialty Fleet Services integrated into its operations, Hexagon Agility aims to accelerate market access and support the growing demand for natural gas vehicles, boasting a comprehensive suite from technical support to genuine OEM parts. The acquisition underscores Hexagon Agility's commitment to transitioning from diesel to renewable natural gas and enhancing service ease and coverage, especially as the number of natural gas vehicles in the U.S. rises to 175,000. Leadership from both companies, including Brad Garner of Hexagon Agility and Christopher Ciolkosz of Specialty Fleet Services, express optimism about the synergies and geographic expansion fostered by this strategic move.
Sectors
- Clean Energy
- Automotive Services
- Industrial Manufacturing
Geography
- United States – Specialty Fleet Services operates widely in the U.S. and Hexagon Agility is expanding its services in this region.
- Norway – Hexagon Composites is a Norwegian company headquartered in Oslo.
- Canada – The acquisition also involves expanding service capabilities into Canada.
Industry
- Clean Energy – The acquisition emphasizes the transition from traditional fuels to renewable natural gas, a key focus of the clean energy industry.
- Automotive Services – Both Hexagon Agility and Specialty Fleet Services operate in the automotive services sector, providing support and maintenance for fleets of vehicles.
- Industrial Manufacturing – Hexagon Composites, as a provider of composite gas cylinders and fuel systems, operates in the industrial manufacturing sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hexagon Agility | Acquirer | Company | A subsidiary of Hexagon Composites focused on providing clean fuel solutions for fleets. |
| Specialty Fleet Services | Target | Company | A company providing mobile service and inspection for natural gas vehicles in the U.S. and Canada. |
| Hexagon Composites ASA | Parent Company | Company | A Norwegian company providing solutions for energy storage and transportation. |
| Brad Garner | SVP FleetCare | Person | Senior Vice President at Hexagon Agility overseeing FleetCare services. |
| Christopher Ciolkosz | Director of Sales & Service | Person | Director at Specialty Fleet Services involved in the acquisition transition. |