Osborn parent acquired by Quinpario Acquisition
Quinpario Acquisition Corp. announced the completion of its transaction to acquire Jason Incorporated, Osborn’s parent company.
Jason is a global family of manufacturing businesses within the finishing, seating, components and automotive acoustics markets. As part of the transaction, Quinpario will change its name to Jason Industries Inc.
Quinpario completed its initial public offering in August 2013. Its stockholders overwhelmingly approved the acquisition of Jason, with 89 percent of the shareholderss voting, 100 percent of which voted in favor of the transaction, allowing for the swift completion of the business combination only 11 months after Quinpario’s initial public offering. In excess of 85 percent of the amount initially placed into trust remained in trust at the closing.
Effective July 1, the company’s common stock ticker symbol became “JASN” and the ticker symbol for the company’s warrants became “JASNW.”
“This is an exciting opportunity to take an established company with market-leading businesses and leveraging its strong balance sheet to take its growth legacy to the next level,” said Jeffry N. Quinn, chairman of the board of directors of the company. “I’m confident Jason’s strong presence in certain markets, combined with the experience of Quinpario’s team in growing global businesses and identifying new platform opportunities, will provide significant value for our stockholders.”
David Westgate, who was chairman, president and CEO of Jason, will serve as CEO of the company. The new board of directors consists of certain current members of the Quinpario board, members of the existing Jason board and other qualified individuals. The Jason management team, as well as the teams in place within its business units, will remain intact. The company’s headquarters will remain located in Milwaukee, Wis.
“This combination of resources positions us to make significant progress toward achieving our growth strategy, building upon our current businesses and exploring new opportunities,” added Westgate. “The strength of our leadership and businesses, coupled with our focus on customer satisfaction and platform expansion, will continue to create value for the customers and employees of Jason.”
Jason Industries Inc. is now parent company to Assembled Products (Buffalo Grove, Ill.), Janesville Acoustics (Southfield, Mich.), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), Morton Manufacturing (Libertyville, Ill.), Osborn (Cleveland, Ohio and Burgwald, Germany) and Sealeze (Richmond, Va.). Headquartered in Milwaukee, Wis., the Jason companies employ more than 4,000 individuals in 15 countries.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
