Commercial Vehicle Group Completes Asset Acquisition

Ticker: CVGI · Form: 8-K · Filed: Sep 10, 2024 · CIK: 1290900

Sentiment: neutral

Topics: acquisition, assets, definitive-agreement

Related Tickers: CVGI

TL;DR

CVGI just bought some assets, deal closed Sept 6. Details in the 8-K.

AI Summary

Commercial Vehicle Group, Inc. announced on September 6, 2024, the completion of its acquisition of the assets of a business. The filing details the entry into a material definitive agreement and the completion of this acquisition, with financial statements and exhibits provided.

Why It Matters

This acquisition signifies a strategic move by Commercial Vehicle Group to expand its operations or capabilities, potentially impacting its market position and future revenue streams.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks related to integration, financing, and market reception, which could impact the company's financial performance.

Key Players & Entities

FAQ

What specific assets were acquired by Commercial Vehicle Group, Inc.?

The filing indicates the completion of an acquisition of assets but does not specify the exact nature or details of these assets.

What is the financial impact of this acquisition on Commercial Vehicle Group, Inc.?

The filing mentions financial statements and exhibits are included, but the specific financial impact of the acquisition is not detailed in the provided text.

When was the material definitive agreement for this acquisition entered into?

The filing states the 'Entry into a Material Definitive Agreement' as an item information, but the specific date of entry is not provided in this excerpt.

Are there any named parties involved in this acquisition besides Commercial Vehicle Group, Inc.?

The provided text does not name the seller or any other parties involved in the acquisition.

What is the significance of the 'Completion of Acquisition or Disposition of Assets' item in this filing?

This item signifies that Commercial Vehicle Group, Inc. has successfully finalized the purchase of assets from another entity.

Filing Stats: 1,059 words · 4 min read · ~4 pages · Grade level 11.9 · Accepted 2024-09-10 16:36:04

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Amendment to Asset Purchase Agreement As previously disclosed in a Current Report on Form 8-K filed on August 1, 2024, Commercial Vehicle Group, Inc. ("Company" or "CVG") and its wholly-owned subsidiary Mayflower Vehicle Systems, LLC ( "Seller" and collectively with CVG, the "Seller Parties") entered into an Asset Purchase Agreement (the "Purchase Agreement") with SVO, LLC, a Delaware limited liability company ("Buyer") on July 31, 2024. Under the terms of the Purchase Agreement, Buyer will purchase substantially all of the assets of Seller's business of manufacturing and assembling structured products, including cabs for medium and heavy-duty vehicles, at its facility in Kings Mountain, North Carolina (the "Business"). The transactions contemplated by the Purchase Agreement are referred to as the "Transaction." Pursuant to the terms of the Purchase Agreement, the aggregate consideration to be paid by Buyer to Seller in connection with the Transaction is $40 million, subject to adjustment for any variance of the actual value of inventory at closing from the estimated inventory value (the "Purchase Price"). On September 6, 2024, the Seller Parties and Buyer entered into an Amendment to the Purchase Agreement (the Purchase Agreement, as amended, the "Amended Purchase Agreement") whereby the Transaction closed on September 6, 2024 with the Buyer paying Seller $20 million of the $40 million Purchase Price. Pursuant to the Amended Purchase Agreement, the Parties agreed (i) that the remaining $20 million of the Purchase Price would be paid on October 1, 2024, (ii) that the Assigned Contracts (as defined in the Purchase Agreement) and the employees of Seller would transfer to Buyer on October 1, 2024, and (iii) the inventory will be valued as of October 1, 2024, for purposes of determining any adjustment to the Purchase Price. The foregoing description of the Amended Purchase Agreement does not purport to be

01. Completion of Acquisition or Disposition of Assets

Item 2.01. Completion of Acquisition or Disposition of Assets. On September 6, 2024, Buyer purchased the Business pursuant to the Amended Purchase Agreement, as reported in Item 1.01, and the information set forth in Item 1.01 hereof is incorporated in this Item 2.01 by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 2.1 Asset Purchase Agreement dated as of July 31, 2024 by and among SVO, LLC, Mayflower Vehicle Systems, LLC and Commercial Vehicle Group, Inc. (incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K filed on August 1, 2024). 2.2 Amendment to Asset Purchase Agreement dated as of September 6, 2024 by and among SVO, LLC, Mayflower Vehicle Systems, LLC and Commercial Vehicle Group, Inc. 2.3 Transition Services Agreement dated as of September 6, 2024 by and among SVO, LLC, Mayflower Vehicle Systems, LLC and Commercial Vehicle Group, Inc.* 104 Cover Page Interactive Date File (embedded within the Inline XBRL document) * Pursuant to Item 601(b)(2) of Regulation S-K, the schedules to the Amendment to Asset Purchase Agreement and the Transition Services Agreement (identified therein) have been omitted from this Report and will be furnished supplementally to the Securities and Exchange Commission upon request by the Commission.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMMERCIAL VEHICLE GROUP, INC. September 10, 2024 By: /s/ Aneezal H. Mohamed Name: Aneezal H. Mohamed Title: Chief Legal Officer

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