Morbark LLC, Winn, Michigan, announced that an affiliate of Stellex Capital Management , a private equity manager based in New York City that oversees U.S. and European corporate assets, has acquired the company. The acquisition is focused on providing growth capital and resources to significantly expand the company in the future.
The stock purchase is a strong fit for the new owners with a portfolio focus of identifying companies with solid market and product presence that can benefit from growth capital and aggressive management and operating strategies.
“Our acquisition of Morbark is a great fit for us. We believe the company is well positioned to grow in the coming years, and we are confident that the capital and resources we bring will fuel that growth,” says David Waxman, principal of Stellex. “Morbark is exactly the type of company we look to invest in—strong history, market presence, products and an outstanding workforce. In addition, we believe with the right investment and resources they represent a significant growth opportunity in the coming years.”
Lon Morey, Morbark chief executive officer and son of the founder, says, “Though always difficult to leave a family business, we felt this was the right time with the right Investor who can build on the legacy my father started and I have spent my entire life dedicated to. We are confident that the Stellex group will be able to take Morbark to the next level of excellence and growth. We are excited for the company and its employees, and the future envisioned for them.”
Morbark was represented by Wells Fargo Securities LLC, as financial advisor and Warner Norcross & Judd LLP as legal advisor.
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