Ajax Rolled Ring & Machine Inc., a producer of seamless rolled rings has been acquired by Prospect Capital Corp. for an undisclosed price. Prospect Capital is a private-equity group based in New York.
“With over $550 million in assets with 30+ portfolio companies in closely related sectors of the manufacturing economy in which Ajax competes, Prospect thoroughly understands our markets,” stated Ajax chief executive officer Simon Ormerod, “We see this not only as a great opportunity for Ajax to grow rapidly with Prospect’s support, but as a very positive development for our employees, customers, and suppliers.”
Ajax’s contoured, seamless rolled rings are supplied to manufacturers of bearings, gears, and flanges used in construction equipment and other machinery. Its products are used as components in military vehicles, power-generation machinery, mining equipment, oil and gas drilling equipment, railroad tires, and other industrial applications. Among its customers, Ajax lists Caterpillar Inc., The Timken Co., and General Electric.
The carbon, alloy, and stainless steel rings are produced on two ring-rolling machines, and range in size from 7 to 120 in. diameter, and weigh 15 to 3,500 lb. At its York, SC, plant, Ajax also performs heat treating, shot blasting, and product testing and machining.
The Ajax management team — Ormerod, chief financial officer; Dan Reichard, v.p. - Operations Wil Kantus; and exec. vice president - Sales and Marketing Justin McCarthy — will remain with the company under the new ownership. Recently, Ajax also named Ken Binford as its new quality engineer; Bob Komisarski as its new controller; and Jeff Arnold as its new Lean/Sigma Champion.
Ajax Rolled Ring Acquired by Investment Group
CEO sees great opportunity with Prospect Capital