Velvac Announces Acquisition of K-10 Enterprizes
Wednesday, March 17, 2010
FOR IMMEDIATE RELEASE
March 17, 2009 – New Berlin, Wis. Velvac, Inc., a leading manufacturer and supplier of components to the truck, recreational and specialty vehicle industries, announced today that it has acquired the assets of K-10 Enterprizes (“K-10”) of Mission, Texas, a leading supplier of blind-spot safety mirror systems for heavy-duty trucks. Velvac now offers the industry’s broadest line of mirror products, from unique, proprietary mirror systems for OEM vehicles to high-volume replacement mirror heads and service parts.
Founded in 1979 by Bob and Lorraine Kolenda, K-10 pioneered hood- and fender-mounted blind spot mirrors with its “all-seeing” K-10 Eyeball® Mirror, whose unique radius gives the driver detailed vision across the front and down the right side of heavy duty trucks and commercial vehicles. K-10 also offers a line of conventional convex mirrors that provide more detailed observation of select or critical viewing areas and are used primarily on commercial vehicles and off-road trucks.
“K-10 strengthens Velvac’s presence in the heavy-duty truck mirror market by bringing us a premium line of hood- and fender- mounted mirrors,” said Velvac President and CEO, Jeff Porter. “In addition, we felt that the combination of K-10’s OEM and fleet relationships with Velvac’s broad product line and advanced development capabilities created more ways for us to provide more value to our heavy truck customers.”
While its primary focus has been to grow organically through product innovation and design leadership, Velvac has always been interested in exploring strategic acquisitions if the investment opportunity offered true synergy with the company’s served markets, Mr. Porter said. “K-10 is a great example of the synergistic fit we seek,” he explained. “Velvac has enjoyed a long-term supply relationship with K-10 and, over the years, the companies have collaborated on the development of a number of successful products. The Kolendas sought a buyer that shared their commitment to creating superior and innovative vision products that improve driver safety.”
With the acquisition, the Kolendas are retiring. Going forward, Velvac will integrate K-10’s operations in Mission, Texas, into its manufacturing facility in Reynosa, Mexico. Product engineering and supply-chain activities will move to Velvac’s headquarters in New Berlin, Wis.
K-10 also produces safety and security mirrors for office and industrial use, including in warehouses, hospitals, clinics and nursing homes.
About Velvac, Inc.
Velvac is a leading manufacturer and supplier of vision systems and component parts to the recreational, truck and specialty vehicle industries. Velvac has the industry’s broadest mirror product offering, from unique, proprietary mirror systems for OEM vehicles to high-volume replacement mirror heads and service parts. Founded in 1934, Velvac’s corporate offices and aftermarket operations are located in New Berlin, Wisconsin. Its complete state-of-the-art manufacturing facility is located in Reynosa, Mexico. In 2005, Velvac was acquired by Prospect Partners, LLC, a Chicago-based private equity firm specializing in lower-middle- market niche businesses, and Jeff Porter, Velvac President & CEO. For more information, visit the company’s Web site at www.velvac.com.