Simon Ormerod, CEO of Ajax Rolled Ring & Machine, Inc., has announced that the company has been acquired by Prospect Capital Corporation of New York. Headquartered in York, South Carolina, Ajax is a specialty manufacturer of contoured seamless rolled rings used for critical industrial components such as bearings, gears, and flanges used in construction equipment and in machinery with applications in military vehicles, power generation, mining, oil and gas, railroad tires, and other industrial applications. Ajax’s customers include such well-known firms such as Caterpillar, Timken, and General Electric.
Ajax’s management team of Ormerod, Chief Financial Officer Dan Reichard, Vice President of Operations Wil Kantus, and Executive Vice President of Sales and Marketing Justin McCarthy will remain with the company under the new ownership.
The company employs approximately 100 employees and operates two ring rolling mills within a 140,000 square-foot facility, with value-added services including engineering, heat treating, shot blasting, testing, and machining. Ajax’s rings range in diameter from 7 to 120 inches, and weigh from 15 to 3,500 pounds using carbon, alloy, and stainless grades of materials.
“With over $550 million in assets with 30+ portfolio companies in closely related sectors of the manufacturing economy in which Ajax competes, Prospect thoroughly understands our markets,” Ormerod says. “We see this not only as a great opportunity for Ajax to grow rapidly with Prospect’s support, but as a very positive development for our employees, customers, and suppliers.”
For more information: contact Ormerod at (803) 628-2363, simonormerod@ajaxring.com, or go to [www.ajaxring.com]. More information on Prospect Capital Corporation is available at [www.prospectstreet.com].
