PLYMOUTH, Mich. – Prestolite Electric LLC has announced the sale of its global business to Broad Ocean Motor and Ophoenix Capital Management (OCM). The transaction closed on Friday, Jan. 24.
Broad Ocean Motor has acquired Prestolite Electric’s China operations, and OCM has acquired Prestolite Electric’s rest-of-the-world operations, consisting mainly of the U.S.-based parent company and Prestolite Electric’s European subsidiary. Broad Ocean Motor, OCM and Prestolite Electric have formed a global alliance of the three companies. Prestolite Electric’s global business will continue to function as it did prior to the transaction. The same global management team will continue coordinating Prestolite Electric’s global business as before.
Prestolite Electric is a global supplier of alternators, starters, and new energy solutions for commercial truck, bus, off-road, military and electric vehicles. Broad Ocean Motor is a global supplier of high-tech, high quality motors to multiple segments including appliances, air handlers, vehicle electrification, and light duty alternators and starters for the transportation sector.
Charles Lu, chairman of Broad Ocean Motors, said, “Broad Ocean has been serving its customers and growing its business over the past 20 years. Our customer base has expanded to the U.S. and today Broad Ocean has almost 50 percent of its global sales in North America. The Prestolite Electric acquisition allows us not only to strengthen our China business and add value for our shareholders, but allows us to expand globally and leverage Prestolite Electric’s established and strong global presence. We are excited to execute on all of the advantages this global alliance will bring to our customers, suppliers, partners and employees.”
Dazong Wang, chairman of Ophoenix Capital Management, added, “I am very proud today. Ophoenix has been successful in marrying three strong global enterprises into an even stronger global alliance. As an investor in this acquisition, it is our goal to create value while providing high-quality, innovative solutions for our customers, globally. Combining OCM, Prestolite Electric and Broad Ocean Motor together in a global alliance allows us to do this while improving our product portfolio, technical competency, and time to market.”
Prestolite Electric’s global President and CEO Joe Lefave, said, “This is an important day in Prestolite Electric’s 100-plus years as a recognized brand. We are writing a new chapter in our history with our new global alliance with Broad Ocean Motor and Ophoenix Capital Management. Charles, Dazong, and I are completely aligned in our objectives. We look forward to providing even more innovative products and customized solutions to our highly regarded customer base. We intend to build on our reputation of being the best-in-the-world ‘solutions provider’ to our customers. We believe this, combined with our strong customer service and focus, is what sets us apart from the competition. We want to thank our customers, suppliers and our talented workforce for all the support through this process.”
