Morbark LLC announced that an affiliate of Stellex Capital Management acquired the company.
According to Morbark, Stellex’s acquisition is focused on providing growth capital and resources to significantly expand the company.
“Our acquisition of Morbark is a great fit for us,” says David Waxman, principal of Stellex. “We believe the company is well positioned to grow in the coming years, and we are confident that the capital and resources we bring will fuel that growth.”
“Morbark is exactly the type of company we look to invest in – strong history, market presence, products and an outstanding workforce,” he adds. “In addition, we believe with the right investment and resources they represent a significant growth opportunity in the coming years.”
Lon Morey, Morbark’s CEO and son of Morbark’s founder, also weighed in on this development.
“Though always difficult to leave a family business, we felt this was the right time with the right investor who can build on the legacy my father started,” Morey says. “We are confident the Stellex group will be able to take Morbark to the next level of excellence and growth. We are excited for the company and its employees and the future envisioned for them.”