E-Z-GO®, a Textron Inc. (NYSE: TXT) company, has acquired TUG Technologies Corporation, a leading manufacturer of ground support equipment in the aviation industry.
TUG Technologies Corporation, based in Kennesaw, Georgia, manufactures ground support equipment servicing airlines, air-freight companies, ground handlers, government agencies and airports worldwide. TUG’s extensive product line includes cargo tractors, belt loaders, tow tractors, pushback vehicles, air-starts, ground power units, and mobile heating and air-conditioning units. In addition to the design and manufacture of its products, TUG provides service for ground support equipment, operating a network of 18 service centers at airports nationwide.
E-Z-GO acquired TUG from Jacobson Partners, a private-equity firm based in New York, which had owned the company since January 2005. Post-acquisition, TUG’s products will continue to be manufactured at its Kennesaw facility by its workforce of more than 200 employees.
Based in Augusta, Georgia, E-Z-GO has been a business unit of Textron since 1960, and is a leading designer and manufacturer of vehicles for recreational and commercial use. The TUG brand will join E-Z-GO’s family of brands alongside E-Z-GO, Cushman and Bad Boy Buggies.
“TUG joins E-Z-GO with a strong brand, a proven and diverse product line, and decades of leadership in its industry,” said E-Z-GO President Kevin Holleran . “Those advantages, combined with Textron’s resources and operational expertise, make for a formidable platform to drive growth and expansion. Together, E-Z-GO and TUG will better serve our customers and create more value for Textron shareholders.”
“Today’s news marks an important step in the evolution of TUG’s business,” said Stefaan Ver Eecke , Vice President and General Manager for TUG, who took the helm at TUG in 2007 and was credited by Jacobson Partners founder Benjamin Jacobson with exemplary leadership at the company.
“It is an honor to become a part of E-Z-GO and Textron, a leader in multiple industries worldwide and the manufacturer of such iconic aviation brands as Cessna, Beechcraft, Hawker and Bell Helicopter,” Ver Eecke said. “This acquisition connects TUG to a broad range of resources, technologies and capabilities that will power growth for our brand and enable us to introduce new products and services that drive our business forward.”
Source: Textron Inc. (NYSE: TXT)
Date: May 2, 2014