Morbark acquired by Stellex Capital Management
March 22, 2016 - Morbark, LLC has announced that an affiliate of Stellex Capital Management has purchased the company.
“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,” said Lon Morey, Morbark CEO and son of the company’s founder. “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.”
According to a recently released statement, the acquisition is focused on “providing growth capital and resources to significantly expand the company in the future.”
“Our acquisition of Morbark is a great fit for us,” said David Waxman, principal of Stellex. “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.
“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.”
Morbark was represented by Wells Fargo Securities, LLC, as financial advisor and Warner Norcross & Judd LLP as legal advisor.
About Stellex Capital Management
Stellex Capital Management is a private equity manager that invests in and oversees U.S. and European corporate assets. Stellex’s focus is on middle-market companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement and growth for its portfolio companies. For more information, visit: www.stellexcapital.com.
March 22, 2016 By Andrew Snook
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