Miller Industries Completes Acquisition Of Omars In All-Cash Transaction For Aggregate Purchase Price Of ~$20.3M

Miller Industries, Inc. (NYSE:MLR) ("Miller Industries" or the "Company"), the World's Largest Manufacturer of Towing and Recovery Equipment, today announced that it has completed the acquisition of Omars – S.p.A ("Omars"), a designer and manufacturer of towing and recovery vehicles, in an all-cash transaction for an aggregate purchase price of approximately €17.5 million, or $20.3 million, subject to certain pre- and post-closing adjustments for cash and net working capital.

Omars, headquartered in Cuneo, Italy, has over 45 years of experience in manufacturing light-duty, medium-duty and heavy-duty car carriers and recovery vehicles. With a highly complementary product portfolio, this acquisition expands Miller Industries' footprint in the European market with an additional well-recognized European brand, providing opportunities for Miller Industries to increase market share in the region. This acquisition will provide Miller Industries with additional capacity which the Company expects will improve its manufacturing flexibility and its ability to meet growing customer demands. Omars' annual revenue for 2024 was approximately $27 million and the transaction is expected to be accretive in year one.