ST. LOUIS, MISSOURI AND MILWAUKEE, WISCONSIN - Quinpario Acquisition Corp. announced it has reached a definitive agreement to acquire Jason Incorporated, from Saw Mill Capital LLC, Falcon Investment Advisors, LLC and other investors. Jason is a global family of market leading manufacturing businesses within the finishing, seating, components and automotive acoustics markets. The purchase price of $538.65 million will be funded by the cash proceeds from QPAC’s initial public offering, new debt and rollover equity invested by the current owners and management of Jason. The acquisition is expected to be completed in the second quarter of 2014, pending regulatory and shareholder approval, and satisfaction of customary closing conditions.
The company will continue to be led by Chief Executive Officer David Westgate, who is expected to serve as a member of the board of directors of the surviving public company. The new board of directors will likely consist of current members of the QPAC board, members of the existing board of the Company and other qualified individuals. The Jason management team, as well as the teams in place within its business units, will remain intact and are committed to continuing to deliver outstanding service, support and value. The company’s headquarters will continue to be located in Milwaukee, Wisconsin.
“QPAC is thrilled with the purchase of Jason,” said Mr. Jeffry N. Quinn, chairman, president and chief executive officer of QPAC, who will become chairman of the board of directors of Jason upon the completion of the transaction. “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 Westage 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."
David Westgate and his team 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.” David Westgate added, “We are extremely pleased to take Jason public by partnering with QPAC. 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 worldclass business will continue to deliver exceptional value to customers, employees and shareholders."