E-Z-GO, a unit of Textron, has acquired TUG Technologies Corporation, a manufacturer of ground support equipment used in the aviation industry and a portfolio company of Jacobson Partners.
TUG Technologies, acquired by Jacobson Partners in January 2005, manufactures ground support equipment servicing airlines, air-freight companies, ground handlers, government agencies and airports. TUG’s product line includes cargo tractors, belt loaders, tow tractors, pushback vehicles, air-starts, ground power units, and mobile heating and air-conditioning units. In addition to the design and manufacture of its products, TUG provides service for ground support equipment, operating a network of 18 service centers at airports nationwide. The company is headquartered north of Atlanta in Kennesaw, GA (www.tugtech.com).
E-Z-GO has been a business unit of Textron since 1960, and is a designer and manufacturer of vehicles for recreational and commercial use. The TUG brand will join E-Z-GO’s family of brands alongside E-Z-GO, Cushman and Bad Boy Buggies. E-Z-GO is based in Augusta, GA (www.ezgo.com).
“TUG joins E-Z-GO with a strong brand, a proven and diverse product line, and decades of leadership in its industry,” said E-Z-GO President Kevin Holleran. “Those advantages, combined with Textron’s resources and operational expertise, make for a formidable platform to drive growth and expansion. Together, E-Z-GO and TUG will better serve our customers and create more value for Textron shareholders.”
“Today’s news marks an important step in the evolution of TUG’s business,” said Stefaan Ver Eecke, Vice President and General Manager for TUG. “It is an honor to become a part of E-Z-GO and Textron, a leader in multiple industries worldwide and the manufacturer of such iconic aviation brands as Cessna, Beechcraft, Hawker and Bell Helicopter. This acquisition connects TUG to a broad range of resources, technologies and capabilities that will power growth for our brand and enable us to introduce new products and services that drive our business forward.”
Jacobson Partners makes control investments of $10 million to $25 million in manufacturing and services businesses with enterprise values between $25 million and $150 million. The firm was founded in 1989 and is based in New York (www.jacobsonpartners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-5-14