Equity Investment Paves Way For Continued Growth at Ajax
MINNEAPOLIS, Nov. 8, 2017 /PRNewswire/ -- Ajax Metal Forming Solutions today announced that Heartland Equity Partners of Brooklyn Center, Minnesota has acquired a majority ownership position in the company.
"The metal forming industry is advancing at an exciting pace," said Kent Djubek, who will continue as President of Ajax and increased his ownership position as part of the transaction. "This investment by Heartland will take our business to the next level. We're a strong company getting stronger."
Management Team
Djubek said his company has retained the existing management team. "Our success is mostly due to our experienced people and culture of workforce development," he said. "Heartland will help us build on our accomplishments without leaving our family business legacy behind."
Erick and Tom Ajax, members of the family that founded the company in 1945, continue as equity owners and have joined the board of directors. Erick Ajax retired from day-to-day management to focus on his board duties, while Tom Ajax remains in his current production technology management position. Don Wellman, vice president of sales and marketing, also expanded his ownership position and provides leadership for the growing customer relationship team at Ajax. All other production and office staff remain with the company.
Erick Ajax was very impressed with Heartland's transition planning process. "It's not easy to create a transition plan that benefits everyone, but I believe we've done it," he said. "This will benefit our strategic customer partners, the company and its employees, and Heartland's investors. The Heartland team certainly lived up to their mission of stewardship, job growth, and legacy preservation."
About Ajax Metal Forming Solutions
Ajax Metal Forming Solutions is a 3rd generation ISO 9001:2015 metal forming solutions provider for heavy equipment, durable goods, architectural/construction, and HVACR original equipment manufacturers. Ajax produces parts that conform to tight tolerance specifications using galvanized and stainless steel, aluminum, copper, brass and other alloys. Ajax employs about 70 at the company's Minneapolis location.
About Heartland Equity
Heartland Equity Partners is a Midwest investment fund focused on value creation through a process of investment, growth, and long-term retention. The fund invests in successful Upper Midwest manufacturing, value-added distribution, and business services companies that demonstrate significant growth opportunities. Visit Heartland Equity Partners at www.heartland.fund.
SOURCE Ajax Metal Forming Solutions
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