Hatco Acquires Ovention as Independent Business Unit
MILWAUKEE – Hatco Corp. has acquired oven technology company Ovention Inc. Dallas-based Ovention owns the rights to the Matchbox Oven, which the National Restaurant Association recognized with a Kitchen Innovations Award earlier this year.
"We are very excited about the Ovention technology and its overall industry potential. The Matchbox Oven is truly revolutionary and solves many common operator problems. This technology offers excellent growth potential for years to come," said Hatco President and CEO David Rolston. "The focus on delivering customer value through highly innovative products is a natural fit with the way we've run our business for over 60 years."
Milwaukee-based Hatco has served as the sole contract manufacturing partner to Ovention since the second half of 2012. Hatco intends to operate Ovention as an independent business unit supported by a team of dedicated professionals, several of whom will transition with Ovention to Hatco as part of the acquisition.
Current Director of Business Development Steve Everett Jr. has been appointed to the position of general manager of the Ovention business unit.
"From a market perspective, Ovention's team will be independent from Hatco's, which will allow us to dedicate our sales professionals and manage our distribution channel efficiently, " Rolston said. "The synergies provided by leveraging our manufacturing resources will further contribute to Ovention's and Hatco's success."