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TriMas Corp., parent of Cequent Transportation Accessories, has about completed the move of certain towing products manufacturing from Sheridan, Ark., to its one-year-old plant in Goshen, Ind., TriMas revealed in the preliminary initial public stock offering (IPO) prospectus, which was published earlier this month.
TriMas describes the Cequent plant in Goshen as a “350,000-square-foot efficient flow manufacturing and master warehouse center.” The Goshen plant opened a year-ago after Cequent closed the plants in Elkhart, Ind., and Canton, Mich., where its Reese and Draw-Tite brand products had been made.
Now, the Goshen plant is getting more work from Arkansas as a result of TriMas’ acquisition of HammerBlow Towing Systems last year.
Cequent also is moving trailing products manufacturing from the HammerBlow plant in Wausau, Wis., to a factory in Mosinee, Wis.
The date for the sale of TriMas stock to the investing public was not revealed in the preliminary prospectus, but the Securities & Exchange Commission (SEC) document revealed TriMas intends to raise $230 million from the stock sale, of which $164 million would be used to repay debt. The remaining $66 million would go to Metaldyne Corp., the parent of TriMas, and Heartland Industrial Partners LP, the parent of Metaldyne.
TriMas believes Cequent is one of the largest suppliers of towing and trailering equipment and that its brands, which include Bargman and Tekonska, in addition to Draw-Tite and Reese, occupy either the No. 1 or No. 2 market share positions in the categories in which they compete.
Last year, 38% of Cequent’s products were sold by installers of the products, 25% were sold by mass market and auto specialty retailers such as Wal-Mart, Lowe’s, PepBoys and AutoZone, 16% by distributors serving the RV industry and 14% by trailer OEMs, TriMas reported in the prospectus.