Questor acquires two companies to enhance Polar Corp's Quality Trailer Products Division

Oct. 25, 2005
Questor Partners Fund II, L.P., today announced that a portfolio company, Polar Corporation, a leading manufacturer, distributor and service provider for the light-duty and heavy-duty trailer industry, has acquired two companies that will further strengthen Polar's position in trailer parts distribution and in the high-growth Gulf Coast marine market.

Questor Partners Fund II, L.P., today announced that a portfolio company, Polar Corporation, a leading manufacturer, distributor and service provider for the light-duty and heavy-duty trailer industry, has acquired two companies that will further strengthen Polar's position in trailer parts distribution and in the high-growth Gulf Coast marine market.

The two companies, MTEC International Ltd., of Plant City, FL, and Rockwell American Manufacturing Co. Ltd., of Seagoville, TX, were purchased from the same investor group, RWH Group Ltd. of Dallas.

Al Koch, a Questor general partner and chief executive officer of Polar, said the two businesses would be integrated into Polar's Quality Trailer Products Division, which manufactures and distributes light- and heavy-duty trailer parts for manufacturers and the aftermarket.

"MTEC manufactures and distributes components that are highly complementary to Quality's existing product lines. In addition, it has a particular strength in the growing Gulf Coast marine market. This acquisition will enhance Quality's presence in the rapidly growing trailer-parts market throughout the Southeastern United States," Koch said. "Rockwell American manufactures leaf springs used in the suspension systems of utility trailers, recreational vehicles and specialty vehicles including golf carts. Together, these companies bring Polar significant near-term synergy opportunities, top- quality management and a valuable array of proprietary products, all of which will increase the value Polar brings to its customers."

Polar, acquired by Questor in December 2004 from Citigroup Venture Capital, is headquartered in St. Cloud, Minnesota. The company operates three business divisions: Quality Trailer Products, Polar Tank Trailer and Polar Service Centers.

Quality Trailer Products manufactures and distributes more than 20,000 different trailer products through a network of 19 distribution centers and three manufacturing facilities.

Polar Tank Trailer is the second-largest manufacturer of tank trailers in North America. Operating three manufacturing facilities, the unit produces all major types of tank trailers, including those used to haul chemicals, petroleum, food and construction items.

Polar Service Centers (PSC) is the largest network in North America for tank trailer service and parts. The division operates nine service centers that perform a wide array of services, including major repairs, routine and preventive maintenance for tank trailers. PSC also sells new Polar tank trailers and used tank trailers.

With the acquisition, Polar now operates a total of 36 facilities and has approximately 1,100 employees. Koch said 2004 revenues were approximately $240 million and that estimated pro forma 2005 revenues, including the combined $31 million of sales by MTEC and Rockwell American, would exceed $300 million.