Polar acquires two companies
Oct 25, 2005 2:03 PM
Polar Corp, St Cloud MN, has acquired MTEC International Ltd, Plant City FL, and Rockwell American Manufacturing Co Ltd, Seagoville TX, according to Questor Partners Fund II LP, Polar's parent company.
The two businesses will be integrated into Polar's Quality Trailer Products division, which manufactures and distributes light- and heavy-duty trailer parts for manufacturers and the aftermarket, said Al Koch, a Questor general partner and chief executive officer of Polar.
"MTEC manufactures and distributes components that are highly complementary to Quality's existing product lines," Koch said. "In addition, it has a particular strength in the growing Gulf Coast marine market. This acquisition will enhance Quality's presence in the rapidly growing trailer-parts market throughout the Southeastern United States.
"Rockwell American manufactures leaf springs used in the suspension systems of utility trailers, recreational vehicles, and specialty vehicles including golf carts. Together, these companies bring Polar significant near-term synergy opportunities, top- quality management and a valuable array of proprietary products, all of which will increase the value Polar brings to its customers."
Polar, acquired by Questor in December 2004 from Citigroup Venture Capital, operates three business divisions: Quality Trailer Products, Polar Tank Trailer, and Polar Service Centers.
With the acquisition, Polar now operates a total of 36 facilities and has approximately 1,100 employees.
Koch said 2004 revenues were approximately $240 million and that estimated pro forma 2005 revenues, including the combined $31 million of sales by MTEC and Rockwell American, would exceed $300 million.
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