Saw Mill Capital has sold its portfolio company Jason Incorporated to Quinpario Acquisition Corp. which later changed its name to Jason Industries (NASDAQ: JASN). Prior to the sale, Jason was owned by a group of investors including Saw Mill Capital, Falcon Investment Advisors, and Hamilton Lane Co-Investment Fund II.
“Jason has generated outstanding growth in revenue and profitability and is now positioned to build on that growth as a public company. We would like to thank the Jason management team and all employees for their hard work and dedication. We are confident the company will continue to thrive under its strong leadership team,” said Scott Rivard, Principal of Saw Mill.
Jason Industries is the parent company to a global group of manufacturing companies within the seating, finishing, components and automotive acoustics markets, including Assembled Products (Buffalo Grove, IL), Janesville Acoustics (Southfield, MI), Metalex (Libertyville, IL), Milsco (Milwaukee, WI), Morton Manufacturing (Libertyville, IL), Osborn (Cleveland, OH and Burgwald, Germany) and Sealeze (Richmond, VA). Headquartered in Milwaukee, the Jason companies employ more than 4,000 individuals in 15 countries (www.jasoninc.com).
“Saw Mill Capital has been a true partner to me and my management team as we have grown Jason. It has been a pleasure to work with them to execute our shared vision for the company,” said David Westgate, CEO of Jason.
Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 million to $200 million. Platform investments typically have at least $5 million of EBITDA and revenues of $40 million to $150 million. The firm is located in Briarcliff Manor, NY (www.sawmillcapital.com).
Falcon Investment Advisors invests from $10 million to $75 million of subordinated debt and other junior capital in middle market companies to support management or leveraged buyouts, growth or acquisition capital, dividend recaps, generational transfers, structured finance and restructurings. Since its founding in 2000 by Sandeep Alva and William Kennedy, Falcon has invested in more than 50 companies in a range of industries. Falcon is currently investing out of Falcon Strategic Partners IV, a $910 million fund. The firm has offices in Boston and New York (www.falconinvestments.com).
Quinpario was advised by Olshan Frome Wolosky and Graubard Miller as legal counsel with Stifel, Nicolaus & Company as financial advisor. Jason was advised by Kirkland & Ellis as legal counsel with Robert W. Baird & Co. as financial advisor.
2014 PEPD • Private Equity’s Leading News Magazine • 7-16-14