Folience, the parent company of The Gazette, has acquired an Oklahoma-based manufacturer of equine and livestock aluminum trailers.
Cimarron Trailers employs 135 workers at a 90,000-square-foot facility in Chickasha, Okla. With a dealer network across North America, the company reports it has more than 12,000 of its trailers on the road.
The acquisition was finalized Monday, but the value of the deal was not disclosed.
The manufacturer’s permanent employees will become participants in the Cedar Rapids-based Folience holding company’s Employee Stock Ownership Plan.
“Cimarron Trailers has everything we look for when bringing a new company into the Folience family,” Folience Chief Executive Officer Daniel Goldstein said in a prepared statement. “It is a successful company with highly competent management, a dedicated workforce (and) a superior product … .”
Cimarron Trailers was started in 2000 by Ronald Jackson and Michael Terry as a division of CM Trailers, with the goal of expanding into the aluminum trailer market. Michael Terry and his wife, Lynn, became sole owners of that division four years later and expanded into the show-animal and livestock industry.
Some lines of its trailers today include living quarters for the owners.
“I am very excited about what Folience brings to Cimarron Trailers and our employees,” Michael Terry said.
“I see this as a future for the company which will result in continued growth and expansion,” Lynn Terry said, noting employees, as part of an ESOP, become owners of Cimarron Trailers.
ARTICLE CONTINUES BELOW ADVERTISEMENT
With the close of the deal, the Terrys will retire. Sales Director Ben Janssen will become president, and Production Manager Tony Hackney will be director of operations.
Along with The Gazette, Folience includes the Golden Triangle newspapers of the Fairfield Ledger, Washington Evening Journal and Mount Pleasant News; Color Web Printers; the Fusionfarm marketing agency; and Sumner-based Life Line Emergency Vehicles.