Stellex Closes Second Morbark Add-On

Stellex Closes Second Morbark Add-On

Morbark, a portfolio company of Stellex Capital Management since March 2016, has acquired DENIS CIAMF, a maker of industrial brushcutters and mulchers.

DENIS CIMAF specializes in the manufacture of brushcutter and mulcher attachments for excavators, skid steers, forestry tractors, graders and other types of heavy equipment. The company manufactures three main lines of products: the DAH series, industrial mulcher attachments for excavators; the DAF series, attachments for skid steers and other dedicated carriers; and the EWF series, dedicated hydraulic power packs.

The company was founded in 1998 and is headquartered in Roxton Falls, QC ( Benjamin-Pierre and Simon Denis, the sons of founders Laurent Denis and Monique Vaillancourt, will continue to lead the company under Morbark ownership.

Morbark is a maker of equipment for the forestry, recycling, tree care, sawmill and biomass markets. The company’s products include whole tree and waste wood chippers, flails, brush chippers, horizontal and tub grinders, sawmill equipment, and material handling systems. Morbark, led by CEO Dave Herr, was founded in 1957 and operates a 1.1-million-square-foot manufacturing complex north of Lansing in Winn, MI (

“DENIS CIMAF’s line of attachments are complementary to our current tree care and industrial product lines,” said Mr. Herr. “In fact, DENIS CIMAF mulcher heads have been an available option on our Rayco carriers for many years. The company’s patented mulcher head design has enabled them to become a the mulcher head attachment of choice among intensive vegetation control, land clearing, roadside transmission lines, pipeline maintenance, and forest fire prevention contractors.”

The buy of DENIS CIMAF is the second add-on acquisition for Morbark under Stellex ownership. In October 2017 the company acquired Rayco Manufacturing, a Wooster, OH-based maker of stump cutters, crawler trucks, forestry mulchers, multi-tool carriers, brush chippers and aerial trimmers (

Stellex invests from $25 million to $100 million in United States or Europe-based companies with enterprise values from $50 million to $500 million. Sectors of interest include automotive, aerospace, building products, defense, industrial equipment, metal fabrication and transportation. Stellex has offices in New York and London (

© 2019 Private Equity Professional | January 4, 2019

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