Osborn Acquired by Quinpario
No management changes are planned as Osborn’s parent company, Jason Incorporated, combines with Quinpario Acquisition.
Quinpario Acquisition Corp. (Cleveland, OH) announced the completion of its previously announced business combination transaction to acquire Jason Incorporated, Osborn’s parent company, following receipt of stockholder approval of the business combination and related proposals at the company’s special meeting of stockholders.
Jason is a global family of market-leading manufacturing businesses within the finishing, seating, components and automotive acoustics markets. As part of the transaction, Quinpario will change its name to Jason Industries, Inc.
Quinpario completed its initial public offering, resulting in gross proceeds of $172.5 million, inclusive of the underwriters’ exercise of their over-allotment option in full, in August 2013.
Its stockholders overwhelmingly approved the acquisition of Jason, with 89 percent of the shareholders voting, 100 percent of which voted in favor of the transaction, allowing for the swift completion of the business combination only 11 months after Quinpario’s initial public offering. In excess of 85 percent of the amount initially placed into trust remained in trust at the closing.
Effective July 1 of this year, the company’s common stock ticker symbol became “JASN” and the ticker symbol for the company’s warrants became “JASNW.”
“This is an exciting opportunity to take an established company with market-leading businesses and leveraging its strong balance sheet to take its growth legacy to the next level,” said Jeffry N. Quinn, the chairman of the board of directors of the company. “I’m confident Jason’s strong presence in certain markets, combined with the experience of Quinpario’s team in growing global businesses and identifying new platform opportunities will provide significant value for our stockholders.”
David Westgate, the former chairman, will now serve as the president and chief executive officer of Jason Incorporated. The new board of directors consists of certain current members of the Quinpario board, members of the existing Jason board and other qualified individuals.
The Jason management team, as well as the teams in place within its business units, will remain intact and are committed to continuing to deliver outstanding service, support and value. The company’s headquarters will remain located in Milwaukee, WI.
“This combination of resources positions us to make significant progress toward achieving our growth strategy, building upon our current businesses and exploring new opportunities,” added Westgate. “The strength of our leadership and businesses, coupled with our focus on customer satisfaction and platform expansion, will continue to create value for the customers and employees of Jason.”
Quinpario was advised by Olshan Frome Wolosky LLP and Graubard Miller as legal counsel with Stifel, Nicolaus & Company Incorporated as financial advisor. Jason was advised by Kirkland & Ellis LLP as legal counsel with Robert W. Baird & Co. as financial advisor.