Quinpario Acquisition Corp. (Nasdaq: QPAC) is buying Jason Inc. from the company's private equity backers for about $539 million.
Milwaukee-based Jason is the parent company for a group of manufacturing businesses that provide products for the automotive industry.
Quinpario is a special-purpose acquisition company that went public in August. The buyers stock price closed at $10.02 on March 14 and it was trading at $10.04 around 11 a.m.
The deal will be funded by cash proceeds from Quinpario's initial public offering, in which it raised about $172.5 million, plus new debt and rollover equity invested by the current owners and management of Jason. Deutsche Bank will provide a $40 million revolver, a $300 million first lien financing facility and a $120 million second lien facility. The price works out to 6.75 times Jason’s pro forma 2013 Ebitda.
Jason is backed by private equity firms Saw Mill Capital LLC, based in Briarcliff Manor, N.Y., and Falcon Investment Advisors LLC, based in Boston.
Stifel Nicolaus & Co. provided financial advice to Quinpario on the deal, while Olshan Frome Wolosky LLP and Graubard Miller provided legal advice. Kirkland & Ellis LLP provided legal advice to Jason.