Kirtland Capital Partners Announces the Acquisitions of Ox Bodies and Rugby Manufacturing

July, 2005
Beachwood, Ohio – Kirtland Capital Partners, a leading private equity firm in the Midwest, has completed the acquisitions of Ox Bodies and Rugby Manufacturing through a newly formed holding company. Ox and Rugby are the leading light, medium and heavy dump body and hydraulic hoist manufacturers with a national presence and particular regional strength in the southeast, midwest and northeast markets. Terms of the transaction were not disclosed.

Ox, headquartered in Fayette, Ala., is a leading manufacturer of medium and heavy-duty steel dump bodies. Ox serves the road building and maintenance, construction, waste hauling, excavation and demolition end markets. Rugby, headquartered in Rugby, N.D., is a leading manufacturer of light and medium dump bodies and hydraulic hoists. Rugby primarily serves contractors, municipalities, landscapers and waste management companies. On a combined basis, the newly formed company has sales in excess of $100 million. The combined entity forms a best-in-class truck body business.

“The simultaneous acquisition of two complementary businesses enables us to create a market-leader in the truck body and equipment industry that will benefit from the significant synergies that exist between the two companies. The combination presents significant opportunities to grow – both organically and through add-on acquisitions,” said David Halstead, managing partner of Kirtland Capital Partners.

Mal Stevens, president and CEO of Rugby, added, “The combination of Rugby and Ox will allow both companies to gain greater critical mass and to better serve their customers through a broader array of high-quality products.”

David Halstead continued, “By leveraging these two companies and broadening the market base, we will further enhance the high product quality and industry-leading service both these organizations have provided for years. Kirtland Capital Partners is excited to partner with two highly motivated, talented and seasoned management teams. Both teams hold deep industry knowledge and years of experience and expertise within their respective companies.”

“We’re all very excited about Ox and Rugby coming together," said Lehman Pendley, president and CEO of Ox. "I really think this is an excellent fit for both companies. I have a great respect for the Rugby team. This combination creates a powerful leader in the manufacture of dump bodies in the United States and around the world.”

Kirtland Capital Partners is a leading Cleveland-based private equity firm focused on control equity investments in middle market niche manufacturing, distribution and business-to-business service companies. During its 28-year history, Kirtland has generated significant value from its 46 investments through a consistent investment strategy and active involvement in portfolio management. Kirtland has more than $400 million of capital under management from an investor group that includes both institutional and individual investors.

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