Ronald Rittenmeyer Joins The Cypress Group
The Cypress Group, the New York-based private equity firm that recently acquired Dana’s Automotive Aftermarket Group (now called Affinia) and Cooper-Standard Automotive, has named Ronald Rittenmeyer a managing director. Rittenmeyer most recently was chairman, president and CEO of Safety-Kleen.
ThyssenKrupp to Sell Car Parts Unit to Electra Partners
German heavy industry giant ThyssenKrupp said Thursday its ThyssenKrupp Automotive division had sold a car parts unit, ThyssenKrupp Fahrzeugguss, to British private equity firm Electra Partners. Financial details were not disclosed, but the daily Frankfurter Allgemeine Zeitung put the price at some $198 million.
JH Partners Acquires Bell Automotive
JH Partners LLC, a San Francisco-based private equity firm, has acquired Bell Automotive Products from Los Angeles-based private equity firm Brentwood Associates. JH Partners bought the business for approximately $60 million. Based in Scottsdale, Ariz., Bell Automotive is a supplier of automotive convenience accessories, such as air fresheners, seat and steering wheel covers and other products which are sold at major nationwide retailers such as Wal-Mart, Target and automotive supply chains.
Ripplewood Buys Auto Parts Co. from Carlyle Group
Private equity group Ripplewood Holdings said it has bought Luxembourg-based Honsel International Technologies, which makes various transmission, engine, suspension and body components, from The Carlyle Group. Terms weren’t disclosed. Last year, Ripplewood acquired a majority stake in Asahi Tec Corporation, headquartered in Japan, which also manufactures casting auto parts and aluminum wheels.
Cooper Tire & Rubber to Sell Automotive Unit to Cypress Group
Cooper Tire & Rubber Co. has signed a definitive agreement to sell its automotive business, Cooper-Standard Automotive, to an entity formed by The Cypress Group and Goldman Sachs Capital Partners for approximately $1.165 billion in cash. The Cypress Group is by now a familiar name to many in the aftermarket. The private equity group recently bought Dana Corp.’s Automotive Aftermarket Group, which has been renamed Affinia.
Prestolite Electric Acquired by First Atlantic Capital
Prestolite Electric Holding, a manufacturer of alternators and starter motors for heavy-duty, military and industrial applications, has been acquired by an affiliate of First Atlantic Capital, Ltd, a New York City-based private equity investment firm. First Atlantic Capital specializes in acquiring and growing both private and publicly owned middle-market companies, as well as subsidiaries and divisions of large corporations.
Texas-Based MSD Ignition Bought by Gryphon Investors
MSD Ingnition, a manufacturer of products for the high performance segment of the aftermarket, has been bought out by Gryphon Investors, a private equity firm based in San Francisco, Calif. Gryphon Investors purchased 100 percent ownership of El Paso, Texas-based Autotronic Controls Corp. and its MSD Ignition brand on April 8.
Firms Eye Cooper, Dana Auto Part Units-Sources
A handful of large private equity firms are considering bids for two key automotive parts businesses on the auction block, sources close to the situation said. Both Dana Corp. and Cooper Tire and Rubber Co. have announced they may divest their auto parts businesses. Each unit may separately fetch $1 billion or more, analysts estimate.
TRW Raises $676 Million in Public Offering
TRW Automotive Holdings Corp., which was bought by private equity firm Blackstone Group LP for about $4.7 billion last year, has raised $676 million in an initial public offering. The Livonia, Mich.-based company sold 24.14 million shares of stock at $28 a share. The company had predicted it would sell the stock at between $28 and $30 a share.
The Future of Aftermarket Distribution
Despite the ongoing consolidation, Cruickshank believes there is still a viable future for independent distributors.
