Highlander Partners, a middle market private investment firm based in Dallas, has announced the sale of substantially all of the assets of Ascend Custom Extrusions to Tower Extrusions. Tower is a manufacturer of fabricated aluminum extrusion products.
The sale represents the culmination of a deliberate strategy that Highlander and Ascend management put in motion in 2010 to take advantage of the rapid growth of population and construction in Texas and the surrounding region, according to the companies. Highlander and Ascend have expanded the operating capacity from one initial press to its current three presses to keep up with customer demand.
“There is great opportunity for the resulting business to capitalize on strong market demand as the business will continue to benefit from significant demand for aluminum extrusions across a broad range of end markets,” says David Newby, CEO of Ascend.
“Highlander is very pleased with the performance of Ascend over the last eight years and believes this sale will broaden the product offering and capabilities for its customers in one of the strongest extrusion markets in the country,” adds Mark Blanchat, Highlander partner and chairman of Ascend.
Tower, based in Olney, Texas, expanded its capacity two years ago by purchasing the assets of the former Extruders in Wylie, Texas. Tower has further expanded its presence and capacity in Wylie with this purchase of the Ascend plant and its three extrusion presses, according to the company.
“[This purchase] will enhance Tower’s capability to serve our long-term customers as well as new customers, providing Tower with much needed additional capacity,” says Mark McClelland, managing partner and CEO of Tower.
“Tower’s existing capability for anodizing and fabricating aluminum will enhance our ability to further service Ascend’s customer base,” adds Tower vice president of sales and marketing Stan Guess.
Brown Gibbons Lang & Company served as the exclusive financial advisor to Ascend in connection with this transaction.