Bull Moose Industries, the North America-based group owned by London-based industrialist Swraj Paul, has completed the acquisition of Iowa-based XL Specialized Trailers (XL), which manufactures customised heavy-haul trailers.
Paul told Hindustan Times: “This acquisition is dedicated to the memory of my beloved son, Angad, who had initiated the whole process.”
Angad Paul, who was CEO of Caparo Industries, died after falling from his penthouse in central London last November.
XL manufactures customised heavy-haul trailers for the commercial, construction and agricultural markets. Bull Moose Industries, founded in 1962 as Bull Moose Tube Company, has sought to build on its success as a leading manufacturer of tube steel by focusing on continued company growth.
The purchase of XL Specialized Trailers furthers Bull Moose Industries’ goal to expand into other industrial manufacturing markets via acquisition, the company said.
XL Specialized Trailers has grown from its founding in 1995 to become the second-largest player in the customised heavy-haul trailer market. Its strong market position, potential for further growth and solid leadership team were contributing factors in Bull Moose Industries’ decision to purchase XL.
“We are confident that the purchase of XL Specialized Trailers provides both of our companies with a solid opportunity for growth,” said Michael Blatz, CEO of Bull Moose Industries.