Milwaukee-based finishing, seating, components and automotive acoustics manufacturer Jason Inc. has been acquired by St. Louis-based acquisition firm Quinpario Acquisition Corp. for $538.65 million.
Jason was previously owned by Saw Mill Capital LLC, Falcon Investment Advisors LLC and other investors.
QPAC recently made an initial public offering, the cash proceeds of which will be used to fund the acquisition, along with new debt and rollover equity invested by the current managers and owners.
The acquisition is expected to close in the second quarter. Jason’s headquarters will remain in Milwaukee.
David Westgate will continue to serve as chief executive officer. The management team and other Jason teams will remain in place.
“We are extremely pleased to take Jason public by partnering with QPAC,” Westgate said. “While we have enjoyed a long and productive relationship with our private equity owners, we are confident this deal will position our company to make significant progress in achieving our long-term strategic goals. With the addition of QPAC’s transactional expertise, capital resources and focus on performance, I believe our world-class business will continue to deliver exceptional value to customers, employees and shareholders.”
The board of directors will include QPAC board members, existing Jason board members and others. Jeffry N. Quinn, chairman, president and CEO of QPAC, will serve as chairman.
“QPAC is thrilled with the purchase of Jason,” Quinn said. “We are acquiring a great company with market-leading positions, great brands, long-term customer relationships and a superb management team at a very attractive price. We believe the skill set and experience of the QPAC team marries well with the value-creation opportunity presented by Jason. We bring a proven track record of creating shareholder value by growing global market-leading businesses. We believe that in working together with David Westgate and his team we can create significant value for our shareholders, as well as the employees and customers of Jason. As a public company, Jason will have the capital structure, ownership support and operating flexibility to achieve its maximum potential.”