NEW YORK--(BUSINESS WIRE)--#acquisition--Stellex Capital Management (“Stellex”), a middle-market private equity firm, announced today the completion of its acquisition of the US- and Australia-based conveying business units (the “Company”) from Komatsu Mining Corp. (“Komatsu”) by certain of its affiliates. The financial terms of the transaction were not disclosed.

The Company is a leading designer and manufacturer of material handling conveyor systems and components used in a variety of end markets, including mining and minerals, industrial processing, and aggregates.

The acquisition included the stock of Joy Global Conveyors Inc. and the assets of Komatsu’s Australia-based conveying business. Together, they formed a new standalone organization owned by Stellex, called Continental Global Material Handling LLC (“Continental”). The new entity plans to leverage legacy equipment brands Continental and Goodman Conveyor Company, which are part of the acquisition.

“We are thrilled about the opportunity to acquire the legacy Continental business. We are bringing in a team of seasoned executives to unlock the Company’s next chapter of growth,” said Michael Livanos, a member of the Stellex investment team.

Joseph Mallak, an experienced executive who has led other material handling businesses, will serve as CEO of the new enterprise. Commenting on the acquisition, Mr. Mallak said, “We are very excited about this opportunity and we are committed to building a best-in-class organization that can support customers around the world. Our goal is to accelerate the Company’s growth through enhancing its capabilities and expanding its portfolio of products.”

“This is a great opportunity for our conveying teams in the US and Australia to be part of a new organization with a partner committed to investing in its growth,” said Peter Salditt, President of underground and hard rock mining for Komatsu Mining Corp. “Stellex has a history of investing in businesses with similar profiles and has a record of success.”

This acquisition does not include Komatsu’s UK conveyor business, which has a very customized business model focusing on construction and civil tunnelling. Komatsu will continue to position this area of its business for future opportunities.

About Komatsu

Komatsu is an industry-leading manufacturer and supplier of equipment, technologies and services for the construction, forklift, mining, industrial and forestry markets. For nearly a century, Komatsu equipment and services have been used by companies worldwide to develop modern infrastructure, extract fundamental minerals, maintain forests, and create technology and consumer products. The company’s global service and distributor networks support customer operations, tapping into the power of data and technology to enhance safety and productivity while optimizing performance.

About Stellex Capital Management

With offices in New York, Detroit, and London, Stellex Capital is a private equity firm with over $2.6 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight, and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace and defense, automotive, and government services. Additional information may be found at www.stellexcapital.com.

Contacts

Komatsu Caley Clinton Senior Manager – PR CSR and Content caley.clinton@mining.komatsu

Stellex Rosalia Scampoli Marketcom PR rscampoli@marketcompr.com