US-based manufacturer Morbark said it had been acquired by private equity company Stellex Capital Management.
Morbark produces forestry, recycling, tree care, sawmill and biomass equipment, and also owns mini tool carrier brand Boxer Equipment.
The company said the acquisition was focussed on providing growth capital and resources to significantly expand in the future
Stellex principle David Waxman said the deal was a great fit. “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,” he said.
And Lon Morey, Morbark CEO and son of the founder, said, “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 said it would continue to produce the same products, but would also look at what the market is looking for in the future to meet these needs and respond accordingly. It added that it would also put a lot of effort into new products that it could offer to take business away from its competition going forward.
It said its new owners would put a significant emphasis on new products and new markets in the future.
The company added that both Jim Shoemaker, Morbark president, and John Foote, vice President of sales and marketing, would continue in their existing capacity; while Dan Ruskin will lead the Morbark team as the new CEO.