Commercial Vehicle Group Completes Asset Acquisition
Ticker: CVGI · Form: 8-K · Filed: Oct 2, 2024 · CIK: 1290900
Sentiment: neutral
Topics: acquisition, assets
Related Tickers: CVGI
TL;DR
CVGI just bought some assets, details TBD.
AI Summary
Commercial Vehicle Group, Inc. announced on October 1, 2024, the completion of its acquisition of the assets of a business. The filing does not disclose the specific name of the acquired business or the financial terms of the transaction.
Why It Matters
This acquisition signifies a strategic move by Commercial Vehicle Group to expand its operations, potentially leading to increased market share and revenue.
Risk Assessment
Risk Level: medium — The lack of specific financial details and the acquired entity's name introduces uncertainty regarding the transaction's true impact and potential risks.
Key Players & Entities
- Commercial Vehicle Group, Inc. (company) — Registrant
- October 1, 2024 (date) — Date of earliest event reported
FAQ
What specific assets were acquired by Commercial Vehicle Group?
The filing states that assets of a business were acquired, but does not specify which assets.
What is the name of the business whose assets were acquired?
The filing does not disclose the name of the business from which the assets were acquired.
What was the total purchase price or financial consideration for the acquisition?
The filing does not provide any details regarding the financial terms or purchase price of the acquisition.
When did the acquisition officially close?
The acquisition closed on October 1, 2024, which is the date of the earliest event reported.
Are there any financial statements or pro forma information included regarding this acquisition?
The filing lists 'Financial Statements and Exhibits' as an item, but the specific content related to the acquisition is not detailed in the provided text.
Filing Stats: 832 words · 3 min read · ~3 pages · Grade level 10.7 · Accepted 2024-10-02 16:21:13
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share CVGI The NASDAQ Global Select
- $40 m — r in connection with the transaction is $40 million, subject to adjustment for any va
- $20 million — ion closed with the Buyer paying Seller $20 million of the Purchase Price. On October 1, 20
Filing Documents
- cvgi-20241001.htm (8-K) — 37KB
- falcon_salecloseprx10-1x24.htm (EX-99.1) — 4KB
- image_0.jpg (GRAPHIC) — 26KB
- 0001628280-24-041910.txt ( ) — 200KB
- cvgi-20241001.xsd (EX-101.SCH) — 2KB
- cvgi-20241001_lab.xml (EX-101.LAB) — 21KB
- cvgi-20241001_pre.xml (EX-101.PRE) — 12KB
- cvgi-20241001_htm.xml (XML) — 3KB
01. Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets. As previously disclosed in Current Reports on Form 8-K filed on August 1, 2024 and September 10, 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, which was amended on September 6, 2024. Under the terms of the Purchase Agreement, Buyer purchased 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"). Pursuant to the terms of the amended 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 October 1, 2024 from the estimated inventory value (the "Purchase Price"). On September 6, 2024, the transaction closed with the Buyer paying Seller $20 million of the Purchase Price. On October 1, 2024, the Seller Parties received the remaining $20 million of the Purchase Price, the Assigned Contracts and the employees of Seller were transferred to Buyer, and the inventory is valued as of that date.
01. Other Events
Item 8.01. Other Events. On October 2, 2024, the Company issued a press release announcing the receipt of the remaining $20 million. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein 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. (incorporated by reference to Exhibit 2.2 of the Company's Current Report on Form 8-K filed on September 10, 2024). 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. (incorporated by reference to Exhibit 2.3 of the Company's Current Report on Form 8-K filed on September 10, 2024).* 99.1 Press Release of the Company dated October 2, 2024. 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. October 2, 2024 By: /s/ Aneezal H. Mohamed Name: Aneezal H. Mohamed Title: Chief Legal Officer