DexKo Global Inc. signs agreement to acquire Bankside Patterson Ltd. in the UK
Ongoing focus on expanding the core business of AL-KO Vehicle Technology
Novi (USA) / Kötz (D) / Brandesburton (UK) – DexKo Global Inc., a global leader in highly engineered trailer running gear, chassis assemblies and related components, is pleased to announce that it has signed a definitive agreement to acquire Bankside Patterson (“Bankside”) to expand the core business of AL-KO Vehicle Technology. As a quality and innovation leader, AL-KO Vehicle Technology intends to enter into the mobile home chassis market through this acquisition.
Established in 1959, Bankside, based in Brandesburton, is a leading manufacturer of mobile home chassis in the UK. Bankside offers innovative, custom solutions for complex constructional requirements. Bankside’s products for the mobile home industry expand and differentiate AL-KO’s product offering into static chassis applications.
Fred Bentley, CEO at DexKo Global said: “We look forward to being able to access the proven expertise of Bankside Patterson. True to our motto ‘together is better’, the combination allows us to leverage our leading technology with Bankside’s strengths and knowledge to improve the overall performance of the combined companies. We continue to expand our product offering and geographies while successfully unlocking incremental value from acquisitions.”
Harald Hiller, President and CEO AL-KO Vehicle Technology said: “With Bankside Patterson, we are integrating a renowned company into AL-KO Vehicle Technology. With the mobile home sector, we are tapping into a new market and new target groups. We are pleased to welcome Bankside Patterson to DexKo Global and look forward to further building upon their success story.”
Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory approval.
Sell-side advisors were Deloitte LLP (Leeds) and the law firm Pinsent Masons (Leeds). AL-KO Vehicle Technology was advised by Dentons UK and Middle East LLP (Edinburgh).
KPS Capital Partners, LP
KPS is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5.4 billion of assets under management. For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies have aggregate annual revenues of approximately $5.5 billion, operate 110 manufacturing facilities in 27 countries, and have nearly 21,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
DexKo Global Inc.
DexKo Global is the world's leading supplier of advanced chassis technology, chassis assemblies and related components with more than 130 years of experience in trailer and caravan components. DexKo Global was founded at the end of 2015 through the combination of Dexter and AL-KO Vehicle Technology. With its headquarters in Novi, Michigan, the company employs more than 5,000 associates with 42 production facilities and 22 distribution centers. DexKo Global has a turnover of more than US$ 1.5 billion.
ALOIS KOBER GMBH
Founded in 1931, AL-KO Vehicle Technology is now a global technology company with sites in Europe, South America, Asia and Australia. A supplier of high quality chassis components for trailers, leisure vehicles and light commercial vehicles, AL-KO is synonymous with ergonomic and functional excellence, superb comfort as well as innovations to enhance road safety. The company specialises in sophisticated innovation processes and has received many awards for this. ALOIS KOBER GMBH is a wholly owned subsidiary of DexKo Global Inc., a portfolio company of KPS Capital Partners, LP.