Ontario Corporation of Muncie, Ind., announced yesterday that it has entered into a definitive agreement to sell all of the assets of its wholly owned subsidiaries, Ontario Systems Corporation and Comtronic Systems, Inc., to a group of Indiana investors who include Ontario Systems’ co-founders and private equity clients of Oxford Financial Group Ltd. of Indianapolis.
“We are most pleased that the existing management team and employees will continue to realize their dreams with strong, local backing while Ontario Corporation focuses on its other core business units,” said Van Smith, chairman, Ontario Corporation. Wil Davis, president, and Ron Fauquher, senior vice president, the founders of Ontario Systems, will continue to lead the company. “Ontario Corporation has nurtured this entrepreneurial enterprise to a level of market and business sophistication that has prepared us well for this next phase in our corporate development. While the time has come for Ontario Corporation to harvest its investment, Ron and I are genuinely pleased to be involved in this exciting opportunity,” Davis said.
“We have been very hopeful that the investment community in our state would be as enthusiastic about the high-tech sector as we are. From our experience, we can categorically testify that Indiana has the high-tech, entrepreneurial spirit that we think is a very positive sign for us and for our entire state,” Fauquher said. There are no significant operational changes contemplated with this change in ownership: Ontario Systems will continue to be headquartered in Muncie, Ind., with offices in Berlin, Ohio, and Cle Elum, Wash. “Ontario Corporation has a long history of developing and running first class operations throughout the country,” said Chris LaMothe, president of Oxford Financial Group. “Van Smith and Kelly Stanley have long been towering business and community leaders in Muncie and in the state. Wil and Ron are cut from the same cloth. Ontario Systems has a strong reputation among Indiana business leaders and within their industry. Ontario Systems will continue to thrive under their leadership and the excellence of their associates.”
The final transaction is expected to close within the next thirty days. No other terms of the transaction were disclosed.
About Ontario Systems Ontario Systems provides receivables management information systems to organizations that manage large volumes of accounts receivables. These include hospitals, collection agencies, utilities and bankcard issuers. As the largest provider of receivables management products, including the FACS®, CT Vision® and Artiva™ systems, Ontario Systems is recognized as the industry leader in technology and customer service. With operations in Indiana, Ohio and Washington, it is based in Muncie, Ind. For more information, visit www.ontariosystems.com
About Ontario Corporation
Ontario Corporation is a privately-owned, diversified technology company. In addition to Ontario Systems, Ontario Corporation operations include:
CDS Group-a high technology capital equipment components and contract manufacturing services company with operations in California, Texas, and the United Kingdom;
Sherry Laboratories-a metallurgical, plastics, food, petroleum, and environmental laboratory testing company with facilities in Indiana, Oklahoma, and Louisiana; and,
Ontario Development-a land development company with holdings including land used by Ontario Corporation operating companies, as well as land for sale.