It’s Miller time, Miller Industries (NYSE: MLR) acquires Italian towing equipment maker for $20.3 million

Miller Industries Inc. (NYSE: MLR) completed the acquisition of Omars S.p.A for approximately €17.5 million ($20.3 million) in cash, according to a company statement. The transaction price is subject to adjustments for cash and net working capital.

Omars, based in Cuneo, Italy, manufactures light-duty, medium-duty and heavy-duty car carriers and recovery vehicles. The company has operated for more than 45 years and generated approximately $27 million in revenue in 2024.

The acquisition expands Miller Industries’ presence in the European market and adds manufacturing capacity. Miller Industries expects the transaction to be accretive in the first year following completion.

“This acquisition is a milestone in our plans to expand our footprint in current and new global markets,” said Chief Executive Officer William G. Miller II. “Omars is a strong strategic fit for Miller Industries. With its modern manufacturing facility, strong sales team, and experienced senior staff, we anticipate that the Omars acquisition will provide benefits to both our top-line growth and our profitability.”

Miller Industries describes itself as the world’s largest manufacturer of towing and recovery equipment. The company is based in Chattanooga, Tennessee.

The acquisition provides Miller Industries with additional European manufacturing capabilities as the company pursues growth opportunities in global markets while maintaining its dividend payments and share repurchase program.