Dexter, an affiliate of DexKo Global Inc, has acquired the heavy duty axle and suspension manufacturing assets of Ingersoll Axles, along with the light duty axle manufacturing assets of Standen’s from IMT Group, a Canadian metal components producer. No financial terms were released. DexKo, a Detroit-based maker of trailer axle, brake and suspension assemblies and replacement parts, said the deal will strengthen its position in Canada and introduce the company to new markets. DexKo is owned by U.S. private equity firm the Sterling Group. It was formed last year through a merger of Dexter with AL-KO VT.
Dexter Acquires Heavy and Light Duty Axle Assets from the IMT Group
ELKHART, Ind., Jan. 4, 2017 /CNW/ — DexKo Global Inc., the global leader in highly engineered trailer running gear and chassis assemblies and related components, announced that Dexter has acquired the heavy duty axle and suspension manufacturing assets of Ingersoll Axles, along with the light duty axle manufacturing assets of Standen’s from the IMT Group. Ingersoll Axles has been a leading supplier of specialized heavy duty trailer axles and suspensions across North America for over 55 years. Dexter has acquired manufacturing locations in Ingersoll, Ontario; Calgary, Alberta; and Indianapolis, IN.
“We are excited to continue to expand our DexKo business. With Ingersoll Axles, we get a great team, a stronger position in Canada, introduction to new markets with highly engineered products and new suspension technologies that will provide a foundation to increase our market leading performance,” stated Fred Bentley, CEO of DexKo Global. “We have completed four acquisitions in four countries in the last quarter where all fit perfectly in our customer and product portfolios. The Dexter and AL-KO teams continue to perform well and this performance provides the opportunity for us to continue to grow the business while improving our balance sheet. This is an exciting time to be part of the DexKo team and we continue to build on our ‘Together is Better’ culture.”
“This acquisition will broaden our ability to service the Specialty Heavy Duty Trailer Market,” adds Adam Dexter, President and CEO of Dexter. “The additional manufacturing capacity in Canada will bring us closer to our customers and will help us to improve our overall service.” The immediate focus is to concentrate on enriching employee welfare by providing a safe, productive workplace while adopting Dexter’s philosophy of world class customer service producing quality, dependable products. “We look forward to continuing to be a valuable supplier to Ingersoll Axles customers as well as the growth opportunities our combined companies present,” states Dexter.
“We have bought running gear components from Dexter for several decades; so we understand and appreciate their quality reputation. The opportunity to utilize the Dexter distribution network to expand our business was very enticing in this deal,” replied Dean Davenport, President of The Transportation Group of the IMT Group. “This will allow us to grow our business with the backing of the industry leader. I am confident that this will be a smooth transition for both our customers and employees.”
DexKo Global and Dexter are majority owned by a fund managed by The Sterling Group, an operationally-focused middle market private equity firm based in Houston, Texas with $2.2 billion of assets under management.
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Dexter has been a leading manufacturer of trailer axles and trailer brakes for over 50 years for the utility trailer, recreation vehicle, heavy duty, manufactured housing, agricultural, marine, and specialty trailer markets. Dexter products are American made in highly automated facilities in Indiana, Georgia, Oklahoma, California, and Tennessee. Since 1960, OEMs have installed more than 50 million Dexter Axles with the assurance that they are providing a quality product that will enhance the safe operation of their trailers. Dexter Axle is ISO 9001 certified. For more information visit www.dexteraxle.com.
Photo courtesy of Ingersoll Axles