EVANSVILLE, IN — United Components, Inc. (UCI) has completed the sale of its Neapco, Inc. and Pioneer, Inc. business units. The combined sale price for the two transactions was approximately $36 million, subject to post-closing adjustments.
According to Bruce Zorich, CEO of UCI, the divestitures are consistent with UCI’s new “Centers of Excellence” strategy and allow the company to devote full focus and attention on its core automotive aftermarket businesses: Airtex Products (fuel systems), Champion Laboratories (filtration), Wells Manufacturing (engine management) and ASC Industries (cooling systems).
“Every day we are faced with an increasingly challenging global marketplace,” said Zorich. “We must make certain that our businesses are configured to compete and win. The focused resources and attention we will now be able to give our core Centers of Excellence will help ensure we maintain the necessary competitive edge.”
The Neapco transaction involved its senior management and a private investor group. Pioneer was acquired by Doron Arad, an entrepreneur who has involvement in other related businesses. Lincoln International, a leading provider of merger and acquisition services on mid-market transactions, served as financial advisor to UCI on the Neapco transaction.
_______________________________________
Click here to view the rest of today’s headlines.
