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Press release content from Business Wire. The AP news staff was not involved in its creation.

K-Tec Acquires Ashland Industries

March 11, 2020 GMT

AUSTIN, Texas--(BUSINESS WIRE)--Mar 11, 2020--

ORG K-Tec Holdings LLC (“K-Tec”) announced today it has acquired Ashland Industries Holdings Inc. (“Ashland”). The merger represents two highly regarded specialty manufacturing companies within the earthmoving industry. The newly merged organizations will be headquartered in Rosenort, MB, Canada and led by Mikhail (Mike) Palitsky, President of K-Tec. The combined business will have manufacturing and service locations in both Rosenort, MB, Canada and Ashland, WI, USA.

K-Tec is majority owned by an affiliate of private investment firm Owner Resource Group LLC (“ORG”). Austin, Texas-based ORG originally partnered with the owners and management of K-Tec to acquire a majority stake of the company in 2018 and assisted with the acquisition of Ashland.

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K-Tec and Ashland are leading manufacturers of earthmoving scrapers and accessory products serving the construction, mining, and agriculture markets. The merger will allow them to offer the broadest product line of earthmoving scrapers in the industry across a large geographic footprint of dealers while providing exceptional service coverage. The combination will provide shorter lead times for customers and accelerate product design and introduction. There will be no management changes at either company as a result of the merger.

ORG Managing Director, Jonathan Gormin, said, “We are excited about our partnership with K-Tec and Ashland and believe in the long-term growth potential of the companies. We believe this transaction supports the vision of both management teams to be a global leader in the earthmoving industry. The combination will allow the business to expand its product offerings, enhance innovation and provide outstanding support to our dealers. We look forward to supporting the management team’s efforts to realize the full potential of the combined organization.”

ORG led the transaction which received additional financing support from Cadence Bank NA. The merger transaction closed on February 28, 2020.

For additional information, please visit www.orgroup.com or contact Will Burnett ( wburnett@orgroup.com or 512-505-4180).

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Owner Resource Group, LLC
Owner Resource Group is an Austin, Texas based private investment firm founded to bring superior outcomes to privately held businesses. The company’s affiliates make investments that enable business owners and management teams to pursue their objectives and accelerate the growth of their companies in a disciplined manner. ORG appreciates an owner’s need for fairness, certainty, flexibility and confidentiality when considering a transaction. After a transaction, the ORG philosophy is to align our interests with management to support the existing culture and continued growth.

The firm is most helpful to businesses with the following aspirations:
» Business owners hoping to achieve a full or partial exit
» Businesses looking to expand their capabilities, offerings or geographic reach
» Management teams that would like to establish or increase their ownership in a business

View source version on businesswire.com:https://www.businesswire.com/news/home/20200311005819/en/

CONTACT: Will Burnett

wburnett@orgroup.com

512-505-4180

KEYWORD: UNITED STATES NORTH AMERICA CANADA TEXAS

INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY OTHER MANUFACTURING FINANCE BUILDING SYSTEMS PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY MANUFACTURING

SOURCE: Owner Resource Group, LLC

Copyright Business Wire 2020.

PUB: 03/11/2020 07:21 PM/DISC: 03/11/2020 07:21 PM

http://www.businesswire.com/news/home/20200311005819/en