A Piscataway-based Caterpillar dealer has acquired another heavy equipment company, with Wells Fargo & Co. leading the acquisition financing, the financial services company announced Wednesday.
Foley Inc. acquired substantially all of the assets of Bensalem, Pennsylvania-based Giles & Ransome under the deal, which brings together two well-established, regional “CAT” dealers, Wells Fargo said in a news release. The deal expands Foley’s northern New Jersey, Staten Island and Bermuda territory into southern New Jersey, eastern Pennsylvania and northern Delaware.
“On behalf of the entire Foley CAT team, we are incredibly excited about the opportunity to bring these two dealerships with such rich histories together as one team,” Jamie Foley, Foley Inc.’s CEO, said in a prepared statement. “With business partners like Caterpillar and Wells Fargo placing their trust in us to execute our strategy and achieve our targeted goals, we feel confident that we will fulfill our vision of creating customer experiences that create customers for life.”
Financial terms of the acquisition — and syndicated credit facility — were not disclosed.
“Wells Fargo has had a relationship with Foley for decades,” Crystie Ciriello, senior relationship manager with Wells Fargo Middle Market Banking in Iselin, said in a statement. “In fact, most of our relationship team members have personally known the Foley family for more than 20 years.”
Foley offers CAT Construction Products, short- and long-term equipment rentals, power systems and more.
“Our Wells Fargo team was thrilled to support Foley in a leadership role, advising and arranging the financing for this transformational acquisition,” Pat Finn, leader of the bank’s Middle Market Banking Heavy Equipment Group, said in a statement.