CARGOTEC CORPORATION, PRESS RELEASE, 3 JULY 2018 AT 8 AM (EEST)
Kalmar, part of Cargotec, has signed an agreement to sell its rough terrain handling business, Kalmar Rough Terrain Center (KRTC), to the management and a Texas-based investment group, led by Independent Bankers Capital Funds (IBCF) and Congruent Investment Partners, LLC (Congruent). The contract was signed and is effective as of 29 June 2018.
Kalmar Rough Terrain Center is a specialised manufacturer of rough terrain material handling equipment for both the defense and commercial markets. It is also a manufacturer and distributor of parts and a service provider to existing equipment. Its portfolio includes the RT240 Rough Terrain Container Handler and the RT022 Light Capability Rough Terrain Forklift that are specially built to military standards, with a proven ability to provide exceptional container handling in the toughest environments, as well as the RT290 Rough Terrain Container Handler for commercial operations. KRTC is headquartered in Cibolo, Texas, US, and its facility includes four buildings on 13.3 acres.
"This transaction follows Kalmar's strategy to focus on container ports, heavy industry and distribution segments. The rough terrain handling business is outside these core areas. Furthermore, KRTC operates to a large extent as a stand-alone business with limited synergies with the rest of Kalmar," comments Antti Kaunonen, President of Kalmar.
"After a strong period of ownership by Kalmar, we are thrilled to begin our next chapter as an independently owned and operated small business, based in Cibolo, Texas," comments Stephen Speakes, President and CEO, KRTC. "The management's partnership with IBCF and Congruent positions the company very well to excel in the future. The combination of our operating strengths in rough terrain with their broad industry expertise and strong financial backing will allow the company to maintain a robust core base while aggressively pursuing growth opportunities. We think this is not only a win for the employees, customers and vendors of the company, but also the broader San Antonio and Central Texas markets. We'd like to thank Kalmar for their support through this process and their stewardship as owners."
"We, as a Texas based Small Business Investment Company, consider it an honor to partner with the very talented management team and employees of KRTC as they embark on their next phase of growth as a Texas owned small business" comments Barry Conrad, Managing Partner of IBCF.
"We're excited to partner with IBCF and the management in acquiring KRTC. We believe the platform is built to thrive, on both the military and commercial sides, under Stephen's leadership and as a standalone, domestically-owned small business," comments Travis Baldwin, Managing Member of Congruent. "This continues Congruent's strategy of aligning with best-in-class management teams to build and grow businesses in the lower middle market."
Further information for the press:
Antti Kaunonen, President, Kalmar, tel. +358 20 777 5000
Stephen Speakes, President and CEO, Kalmar Rough Terrain Center, tel. +1-210-599-6541, stephen.speakes@kalmarglobal.com
Maija Eklöf, Vice President, Marketing and Communications, Kalmar, tel. +358 20 777 4096, maija.eklof@kalmarglobal.com
Further information for the investors:
Pekka Rouhiainen, Investor Relations Manager, Cargotec, tel. +358 40 739 5897, pekka.rouhiainen@cargotec.com
Kalmar offers the widest range of cargo handling solutions and services to ports, terminals, distribution centres and to heavy industry. Kalmar is the industry forerunner in terminal automation and in energy efficient container handling, with one in four container movements around the globe being handled by a Kalmar solution. Through its extensive product portfolio, global service network and ability to enable a seamless integration of different terminal processes, Kalmar improves the efficiency of every move. www.kalmarglobal.com
Kalmar is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2017 totalled approximately EUR 3.2 billion and it employs over 11,000 people. www.cargotec.com