"This exciting agreement brings together the talent and innovation of two market-leading companies that offer complementary material handling solutions and a shared focus on customer relationships," said Christopher C. Cole, chief executive officer and co-founder of Intelligrated.
James R. McCarthy, president, chief operating officer and co-founder of Intelligrated, added, "We believe that this combination creates strong opportunities for both our customers and our associates, as we offer broader solutions to better serve our valued clients, which will further accelerate our growth and development of innovative products."
With this purchase, the new Intelligrated will become a leading material handling systems provider to the warehouse, distribution, postal, and consumer goods manufacturing markets. Intelligrated will maintain its headquarters in Cincinnati and will have sales offices and operations in 10 states, including sizeable operations in Canada and Mexico, and manufacturing plants in Ohio, Missouri, and Kentucky. Intelligrated will also have key systems operations in California and Maryland.
"This agreement signals a new era for us all, bringing together our respective resources, technologies, and expertise, becoming the leading single-point provider of automated material handling solutions," said Stephen Ackerman, president, FKI Logistex, who is continuing in a senior leadership role in the combined company. "Importantly, our customers will remain our top priority as we seek to execute a seamless transition."
Intelligrated is privately owned by Gryphon Investors, its majority shareholder, Tudor Ventures and Management.
David Andrews, president and managing general partner of Gryphon, said, "Through strong organic growth, one previous acquisition and this exciting combination with Logistex, Intelligrated is now positioned as the clear industry leader. Gryphon looks forward to working proactively with management of both companies to achieve exceptional growth and value for all shareholders."
For more information about this announcement, please visit http://www.intelligrated.com or www.fkilogistex.com.