BIRMINGHAM, Mich. – Angle Advisors has announced that Park-Ohio Holdings Corp. has acquired Bates LLC from NYX Inc. Angle Advisors acted as the exclusive investment-banking adviser to NYX in completing this transaction.
Based in Lobelville, Tenn., Bates is a manufacturer of high-quality, tight tolerance automotive hoses and industrial gaskets. The company’s product offering includes rubber hoses, nylon hoses, thermoplastic tubes and rubber gaskets. Bates’ manufacturing capabilities include rubber and nylon extrusion, thermoplastic extrusion, thermoplastic injection molding, hose forming, assembly and testing. The company sells to both automotive and industrial customers and ships to 125 destinations around the world.
Edward Crawford, chairman and CEO of Park-Ohio, noted, "Bates is another example of a look-alike acquisition that fits with Park-Ohio’s current goal of growing its three business silos. Bates has been in business over 40 years and has been servicing a great list of customers with an experienced workforce. We expect the annual revenues from Bates to exceed $45 million and be accretive to Park-Ohio earnings."
Jay Sandhu, CEO of NYX, commented, "Our management team at Bates has performed at a high level and they are excited to leverage Park-Ohio’s extensive resources to grow the business. Although we will miss our Bates co-workers, the transaction will allow us to focus our resources and attention to the upcoming launches of our core offerings, as well as the expansion of our Tennessee molding operation and the startup of NYX, Mexico. We’d also like to thank the team at Angle Advisors, who executed a very efficient sale process. We are thrilled with the results of this transaction and found Angle’s execution ability and industry relationships to prove critical."
Based in Livonia, Mich., NYX designs, develops and manufactures interior, automotive systems and technology solutions for the automotive industry.
Headquartered in Cleveland, Ohio, Park-Ohio operates 37 manufacturing sites and 45 supply chain logistics facilities throughout North America, Europe and Asia.
