Blooming Prairie, MN, December 2016 – Effective immediately Kruckeberg Industries has entered into a Management Agreement with Stinar Corporation.
Stinar, a subsidiary of Oakridge Holdings, Inc., is a supplier of ground support equipment to the aviation industry. For over 70 years Stinar has been a global industry leader supplying quality products to both commercial and governmental agencies. Primary customers include most major airlines and airport service companies throughout the world as well as the U.S. Air Force and Navy.
Kruckeberg Industries is a holding and management company with a top-tier management team. The company pursues strategic mergers and acquisitions as well as joint ventures and business development turnaround opportunities.
Under the Management Agreement Kruckeberg Industries will provide management and oversight services of Stinar’s day-to-day operations. This represents Phase I of Cooperation leading to an eventual acquisition of Stinar by Kruckeberg Industries.
“The Kruckeberg team is pleased to have the opportunity to work with Stinar to move the company forward,” noted Craig Kruckeberg, CEO of Kruckeberg Industries.
The initial Stinar management team will include Jim Richards and Christopher Thorpe of Kruckeberg Industries; they will serve as General Manager and CFO respectively. Robert Harvey and Robert Gregor of Stinar will continue as CEO and Vice President of Sales and Marketing respectively.
“Stinar’s brand strength and manufacturing expertise paired with Kruckeberg Industries’ strengths in leadership and marketing are a tremendous fit,” Jim Richards said. “We will work towards elevating Stinar to a world-class level, one which positively impacts customer service, product quality, and operational performance.”
Richards continued, “We recognize that the Stinar brand is strong and believe that Kruckeberg Industries philosophy on innovation, customer focus, and strong marketing prowess will help enhance Stinar’s already stellar reputation,”
Kruckeberg Industries has begun Phase II of Cooperation having submitted a Purchase Agreement to Stinar Corporation. The document is pending thorough financial review and due diligence efforts. The companies intend to complete the acquisition in the near future.
“Any acquisition has to make sense, and this opportunity fits what Kruckeberg Industries does,” said Christopher Thorpe.
“Stinar has a long and rich history of excellence dating back to 1946 when we were founded by Mr. Frank Stinar,” said Stinar CEO Robert Harvey. “We are excited to partner with the Kruckeberg Industries team and are enthusiastic about the future of the Stinar brand, the valued employees and our outstanding customers.”
