Ahern's Xtreme Mfg. to Buy Majority Share of Snorkel

Las Vegas-based Xtreme Manufacturing, the telehandler manufacturer owned by Don Ahern, who also owns Ahern Rentals, will take majority ownership of Snorkel in a deal announced today. Current Snorkel owner Tanfield Group will retain a 49% share of the business while Snorkel will be transferred to a new company, Snorkel International Holdings.

Subject to Snorkel making profit targets within five years Tanfield will be paid US$50 million. Tanfield’s share would then fall to 30% and it would have the option to sell that remaining share at a 5.5 EBITDA multiple.