Remy Light Vehicle Aftermarket Business to be Acquired
Oct. 4, 2016—An investor group led by Torque Capital Group has signed a definitive agreement to acquire the North American and European light-vehicle aftermarket business of Remy Inc. from BorgWarner.
The business includes the North American power steering business (Maval Industries) and the European light- and medium-duty rotating electrical remanufacturing business.
The transaction is subject to certain customary closing conditions and is expected to close in the fourth quarter.
“We are delighted to partner with the management of Remy to support them in their transition to an independent, aftermarket customer-focused business. The Remy brand is recognized worldwide for its quality, technology and reliability,” said Joseph Parzick, managing partner of Torque Capital. “There are many similarities between Remy and our existing portfolio company Brake Parts Inc (BPI), including our relentless focus on delivering value to our customers through superior product quality, new product innovation, high product fill rates and competitive pricing. Both Remy and BPI manufacture the vast majority of everything they sell, which we believe is a critical element to providing our customers with excellent service. We believe both Remy and BPI will benefit from the relationship, including the sharing of best practices and market insights.”