CRP Industries has acquired Atlantic Automotive Enterprises (AAE), a steering systems manufacturer specializing in new and remanufactured steering racks, power steering pumps, gear boxes and related electric components.
AAE will function as a wholly owned subsidiary of CRP, and will operate independently out of its 125,000-square-foot headquarters and manufacturing facility in Tabor City, North Carolina. CRP Industries was advised on the AAE acquisition by Fairmount Partners of West Conshohocken, Pennsylvania, an independent investment banking firm.
Daniel Schildge, CEO of CRP Industries Inc., made the announcement and noted: “This acquisition is a great opportunity for both CRP Industries and AAE, and both companies will gain considerable benefits from our combined experience, skill sets and core competencies. AAE puts us into the remanufacturing business and also brings us an exciting new product segment that offers significant topline growth potential made possible by our strong market position and the ongoing developments within the power steering product category.”
John Treece, AAE owner and founder, will remain at the helm of AAE and become part of the CRP Industries management team, reporting directly to Schildge. Treece commented, “Our organization is extremely excited to be uniting with such an outstanding organization as CRP Industries. Both companies have a long history and reputation for being quality oriented and service driven. Our corporate values and cultures with respect to how we service our customers and appreciate and value our employees are closely aligned. This is truly a win-win for our collective customers and employees.”