Markstone Capital Partners has acquired a controlling interest in TomCar Ltd., a Rochester Hills, Mich.-based maker of off-road vehicles. No financial terms were disclosed. Markstone has named Tom McAlear, former COO of DaimlerChrysler Financial Services, as TomCar’s new chief executive.
Markstone Capital Partners has acquired a controlling interest in TOMCAR Ltd. TOMCAR was founded in 1991 and is the acclaimed manufacturer of the highly capable TOMCAR(R) TM2, TM4 and TM5 off-road vehicles which are available with a choice of gas or diesel engines.
The TOMCAR is a military grade, high-performance vehicle originally designed for military and border patrol use and now being produced as a virtually indestructible commercial and recreational vehicle, built to go “ANYWHERE AND BACK(TM).”
Markstone’s Chairman, Elliott Broidy, of Los Angeles, will serve as Chairman of TOMCAR and has appointed Tom McAlear, former Chief Operating Officer of DaimlerChrysler Financial Services, as CEO.
“I am excited about the opportunity and challenge of expanding TOMCAR’s presence worldwide,” McAlear said. “The history of TOMCAR proves its superiority in performance, durability and safety. The company is poised for aggressive growth in a number of governmental, commercial and recreational channels.”
TOMCAR is based in Rochester Hills, Michigan with additional operations in Arizona and Israel, as well as strategic partnerships in Australia, Canada, and the United Kingdom. McAlear has broadened the management team with additions that bring over 100 years of combined automotive, manufacturing and marketing experience to complement the existing leadership group. In addition, TOMCAR has partnered with German engineering firm, EDAG, to assemble vehicles on a new production line in Auburn Hills, Michigan to meet worldwide demand.
TOMCAR vehicles are currently utilized in a variety of markets including: military, first responder, mining, construction, agriculture, tourism and recreation. To learn more about TOMCAR, visit www.tomcar.com.