Dexter Axle Company, a wholly-owned subsidiary of DexKo Global Inc., acquired Progress Mfg. Inc., located in Provo, Utah.
DexKo is a supplier of trailer running gear, chassis assemblies and related components. Progress is a manufacturer of custom-engineered, safety-critical towing and trailering products, such as integrated sway control and weight distribution hitches.
Progress’ best-known brand names, Equal-i-zer Hitch and Fastway Trailer Products, are sold through an extensive dealer network in North America. For over 75 years the company has designed and made towing products such as hitches, ball mounts and wheel chocks.
Dexter, headquartered in Elkhart, Indiana, employs over 3,800 people in the U.S. and Canada. The company operates 17 manufacturing facilities and 32 distribution locations. Dexter serves the utility trailer, recreational vehicle, marine, heavy-duty, agricultural and specialty equipment manufacturers and distribution partners.
Fred Bentley, DexKo Global CEO, said Progress’s products and people make a “great addition to the Dexter portfolio.”
“Together, Dexter and Progress will be able to further support our collective customers,” Bentley said. “We look forward to working with the Progress team to continue to offer innovative new towing solution products.”
Adam Dexter, Dexter Axle president and CEO, said the acquisition is a great fit for both companies.
“Both companies have a long-standing focus on high-quality products,” Dexter said, “and outstanding customer service with a strong brand recognition in the towing industry.”
Jed Anderson, Progress CEO, said the deal was a great opportunity to continue to grow Progress’ brands.
“Partnering with Dexter, a strong, reputable organization,” Anderson said, “will support our next steps in our long-term growth strategy, allowing us to continue developing best-in-class products with meaningful customer relationships.”
In a joint statement from Dexter and Progress, the two CEOs said during the alignment process all current sales and service contacts will remain as they were.
“All lines of communication, including the ordering process, will remain unchanged,” Anderson and Dexter’s statement read. “As we join the Progress and Dexter businesses, we will be working together to adopt best practices to improve customer service and will communicate any changes should they impact how we serve you.”