ORG-backed K-Tec completed the acquisition of Ashland Industries.

Private equity firm Owner Resource Group-backed K-Tec Holdings, a manufacturer of heavy equipment, completed the acquisition of Ashland Industries Holdings, a manufacturer of earthmoving scrapers and accessory products. Financial terms were not disclosed. The merger will allow the companies to offer the broadest product line of earthmoving scrapers in the industry across a large geographic footprint of dealers while providing exceptional service coverage. The combination will provide shorter lead times for customers and accelerate product design and introduction. There will be no management changes at either company as a result of the merger. "We are excited about our partnership with K-Tec and Ashland and believe in the long-term growth potential of the companies. We believe this transaction supports the vision of both management teams to be a global leader in the earthmoving industry. The combination will allow the business to expand its product offerings, enhance innovation and provide outstanding support to our dealers. We look forward to supporting the management team’s efforts to realize the full potential of the combined organization,” Jonathan Gormin, ORG Managing Director.