DexKo Global Inc. announced that Dexter has acquired the heavy-duty axle and suspension manufacturing assets of Ingersoll Axles, along with the light-duty axle manufacturing assets of Standen’s from the IMT Group.
According to a press release, Ingersoll Axles has been a leading supplier of specialized heavy-duty trailer axles and suspensions across North America for over 55 years. Dexter has acquired manufacturing locations in Ingersoll, Ontario; Calgary, Alberta; and Indianapolis.
“We are excited to continue to expand our DexKo business. With Ingersoll Axles, we get a great team, a stronger position in Canada, introduction to new markets with highly engineered products and new suspension technologies that will provide a foundation to increase our market leading performance,” stated Fred Bentley, CEO of DexKo Global. “We have completed four acquisitions in four countries in the last quarter where all fit perfectly in our customer and product portfolios. The Dexter and AL-KO teams continue to perform well and this performance provides the opportunity for us to continue to grow the business while improving our balance sheet.”
“This acquisition will broaden our ability to service the specialty heavy-duty trailer market,” added Adam Dexter, president and CEO of Dexter. “The additional manufacturing capacity in Canada will bring us closer to our customers and will help us to improve our overall service.” The immediate focus is to concentrate on enriching employee welfare by providing a safe, productive workplace while adopting Dexter’s philosophy of world class customer service producing quality, dependable products. “We look forward to continuing to be a valuable supplier to Ingersoll Axles customers as well as the growth opportunities our combined companies present.”
“We have bought running gear components from Dexter for several decades; so we understand and appreciate their quality reputation. The opportunity to utilize the Dexter distribution network to expand our business was very enticing in this deal,” noted Dean Davenport, president of the transportation group of the IMT Group. “This will allow us to grow our business with the backing of the industry leader. I am confident that this will be a smooth transition for both our customers and employees.”
DexKo Global and Dexter are majority owned by a fund managed by The Sterling Group, an operationally-focused middle market private equity firm based in Houston, Texas, with $2.2 billion of assets under management.