Miller Industries, Inc. closed a cash‑only purchase of Omars S.p.A. for approximately €17.5 million (about $20.3 million), with the transaction subject to customary adjustments for cash and net working capital. Omars, founded by Renato Andreis, has a 45‑year history of designing and building towing and recovery vehicles for light, medium, and heavy‑duty applications and reported $27 million in revenue in 2024.
The deal expands Miller’s footprint in Europe by adding Omars’ well‑recognized brands and production lines, giving the company greater manufacturing flexibility and a broader product mix. By integrating Omars’ expertise in high‑quality recovery vehicles, Miller can better serve its European customers and accelerate the rollout of new models that complement its existing Century®, Vulcan®, and other brands.
Miller’s most recent quarterly earnings, released shortly before the acquisition announcement, showed a $0.27 earnings per share (EPS) versus a consensus of $0.80, a miss of $0.53 or 66%. Revenue of $178.7 million beat expectations by $1.15 million, driven by a modest increase in core towing sales that offset a 43% decline in chassis shipments. Gross margin improved to 14.2% from 13.4% year‑over‑year, reflecting a favorable product mix and disciplined cost management despite lower volume.
Analysts noted the EPS miss as a significant concern, citing the sharp drop in chassis shipments and the impact of supply‑chain constraints on the company’s core business. The revenue beat, however, was attributed to stronger demand in the towing segment and a higher mix of higher‑margin products, which helped offset the volume shortfall.
CEO William G. Miller II said the acquisition would be accretive in the first year and would support Miller’s strategy to grow its global market presence while continuing to return capital to shareholders. He highlighted Omars’ reputation for quality and the synergies expected from combining the two companies’ manufacturing capabilities.
The transaction is positioned to counterbalance the short‑term challenges highlighted in the Q3 earnings report. By adding a proven European brand and expanding its product portfolio, Miller aims to drive top‑line growth and improve profitability over the medium term, while maintaining a disciplined capital allocation strategy that includes dividends and share repurchases.
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