TMI Truck & Equipment Aquisition

January 4, 2024

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Performance Brokerage Services, North America’s highest volume dealership brokerage firm, is pleased to have advised Mark, Scott, and Steve Parker of Baltimore Potomac Truck Centers on the purchase of TMI Truck & Equipment in Virginia.

Founded in 1973, Baltimore Potomac Truck Centers is a third generation, family-owned and operated business. At inception, it was a single location Mack truck dealership serving the greater Baltimore area. Over the years, their footprint has expanded to include locations serving the Washington D.C., Virginia, and Maryland areas.

Baltimore Potomac Truck Centers operates seven full-service commercial truck dealership locations throughout Maryland and Virginia. They offer franchise locations for Mack, Volvo, Hino, and Isuzu trucks, and trailer lines from Talbert, Fontaine, and Landoll. The company’s leasing and rental division, Potomac Truck Leasing, operates a large fleet of lease and rental trucks and trailers.

Baltimore Potomac Truck Centers has retained all of the TMI Truck & Equipment employees including the previous owners, John, Richard, and Braden Doub, who will remain at the dealership to continue to lead the new Tidewater division for Baltimore Potomac Truck Centers.

Recently named President and Chief Executive Officer of Baltimore Potomac Truck Centers, Mark Parker stated, “It has been an exciting journey during the acquisition process and my father, brother, and I are looking forward to continuing the legacy that John and Richard have built. Mark Parker continued, “The Parker and Doub families have known each other for decades and the combination of our two companies will ensure a stronger opportunity to provide top tier service to our customers. The future is bright. We are thankful for the chance to serve and will continue to provide high quality trucks, parts, and service to our new and loyal customers.”

Steve Parker, Executive Chariman of Baltimore Potomac Truck Centers added, “The acquisition of TMI Truck & Equipment is a natural fit for Baltimore Potomac Truck Centers’ expansion to our geographical footprint in Virginia.”

Over the last 5 years, Performance Brokerage Services has advised on the sale of over 300 dealerships, making it the highest volume dealership brokerage firm in North America. In 2022, the company consummated 92 transactions, marking a record-breaking year. Dan Argiro and Patrick Albero, Senior Partners and Alex Argiro, Chief Financial Analyst, of the Commercial Truck & Equipment Division for Performance Brokerage Services advised the Parker family in this transaction.

Dan Argiro remarked, “We have known Mark and Steve Parker for a number of years and we were truly honored when they reached out to be a part of their acquisitions team. Our team knew that the Doub Family ran a successful dealer group with TMI, and the transaction made perfect sense for the Parker’s expansion and growth plans.” Argiro added, “We look forward to the continued growth of Baltimore Potomac Truck Center and to help them with the next acquisition.”

Pat Albero added, “A transaction in today’s environment is never an easy task. There are no guarantees when it comes to buying and selling in the marketplace, but the Parker family put together a strong acquisition team and had an executable strategy that worked for everyone. We were proud to be a part of their journey and add our expertise to assist in the transaction.”

Tidewater Mack, Inc., also known as TMI Truck & Equipment, has been in business since 1970. They have locations in Chesapeake and Norfolk, Virginia. TMI Truck & Equipment is an OEM dealer for commercial truck brands Volvo, Mack, Isuzu, and Hino. John and Richard Doub are second generation owners of the dealerships.

John Doub, President of TMI Truck & Equipment said, “My brother Richard and I are pleased to continue with our new owners as leading locations in our market that set standards for all to follow. Tidewater Mack started by our father, Dick Doub, who had a dream and a loan, taking the risk to start what TMI Truck and Equipment turned into, a premier dealership operation focused on the needs of our customers and staff.”

TMI Truck & Equipment will be renamed Baltimore Potomac Truck Centers and will remain at its current locations at 301 Bulldog Drive in Chesapeake, Virginia and 5640 Raby Road in Norfolk, Virginia.