Vartanian Acquired by Accubuilt

Posted on November 21, 2002 by LCT Staff - Also by this author - About the author

Accubuilt is branching out into vans for transporting wheelchair users. The move is the result of Accubuilt's acquisition, for an undisclosed sum, of Vartanian Industries, Inc., of Brodheadsville, Pa.

"We started with funeral coaches and limousines," explained Chief Executive Stephen Griffith. "We've got 65 to 75 percent of that market. It's a fine market, but there isn't a lot of growth. If you want to grow, you have to look at other opportunities. And mobility products are generally a better-growing market than funeral vehicles."

Growth is a primary goal of Accubuilt, whose ownership group is led by PNC Bank of Pittsburgh. Accubuilt is in a strong position with expected 2002 sales of $90 million and solid profits that are high enough to finance deals without taking on additional debt. Griffith would not comment on potential acquisition targets other than to say they are in the "specialty vehicle" sector.

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