EVANSVILLE, Ind. — Accuride Corp. has sold its subsidiary Fabco Automotive Corp. to Fabco Holdings Inc., a new company formed and capitalized by Wynnchurch Capital Ltd. in partnership with Stone River Capital Partners LLC (SRCP).
Located in Livermore, Calif., Fabco produces steering drive axles, transfer cases, split shaft power take offs and other specialty products for the commercial severe-duty industry.
"Throughout its history, Fabco has consistently engineered and brought to market innovative solution-providing products, establishing it as a well-respected brand name in the severe-duty commercial vehicle industry," said Rick Dauch, Accuride president and CEO.
"Wynnchurch is excited to have an opportunity to invest in Fabco and provide capital to support the continued growth of the business. We believe Fabco is an exceptional supplier of heavy duty, all-wheel drive components to the severe-duty vehicle industry. We look forward to working with Al Sunderland, the president of Fabco, along with the rest of the Fabco team, to implement a growth strategy that will provide comprehensive and responsive solutions for all customers," said Terry Theodore, a partner at Wynnchurch.
"We are pleased to partner with Wynnchurch in the acquisition of Fabco and look forward to building on the company’s long and accomplished history of being a preferential supplier to the commercial vehicle marketplace," said Guy Boitos, partner, Stone River Capital Partners.
Dauch added that Accuride intends to apply proceeds from the sale of Fabco to enhance the company’s operational improvement initiatives and global growth plans.
BMO Capital Markets acted as the exclusive financial advisor to Accuride on this transaction.
