Quinpario Acquisition Corp. has completed its acquisition of Milwaukee-based Jason Inc. The company has changed its name to Jason Industries Inc. and will retain its Milwaukee headquarters.
Jason encompasses a group of manufacturing companies that make finishing, seating, components and automotive acoustics products.
Quinpario completed an initial public offering in August 2013 that resulted in $172.5 million in gross proceeds. It began trading under the stock ticker symbol JASN and the warrant ticker symbol JASNW effective today.
“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 Quinn, chairman of Jason Industries. “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 served as chairman, president and chief executive officer of Jason Inc., will become the CEO of Jason Industries. The board of directors will represent a combination of the companies’ board members.
The leadership teams at Jason’s existing business units will remain intact. It plans to move its corporate headquarters to 833 East, the 17-story office tower that real estate development firm Irgens will build at 833 E. Michigan St. in downtown Milwaukee.
“This combination of resources positions us to make significant progress toward achieving our growth strategy, building upon our current businesses and exploring new opportunities,” Westgate said. “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.”
Olshan Frome Wolosky LLP and Graubard Miller served as legal counsel and Stifel, Nicolaus & Co. Inc. served as financial advisor to Quinpario. Kirkland & Ellis LLP served as legal counsel and Milwaukee-based Robert W. Baird & Co. Inc. served as financial advisor to Jason.
