TROY, Mich. – The Original Gabriel (Ride Control, LLC) announced that an agreement has been signed to change its ownership from OpenGate Capital LLC to MAT Holdings Inc.
Ride Control has been a portfolio company of OpenGate Capital, a private investment and acquisition firm headquartered in Los Angeles, Calif., since June of 2009.
MAT Holdings, a global manufacturer and distributor of products in the automotive, hardware, and power equipment sectors, reached a definitive agreement with Auto Rider LLC to purchase 100 percent of Ride Control LLC. Final closing of the transaction is expected before Dec. 31, 2012.
“In just three-and-a-half years we’ve accomplished much: We’ve created a stable, stand-alone company, re-established the respect of a historical and admired brand and transformed our business from an underperformer to a sustainable, growing business. Today, we have created yet another milestone for Gabriel, ourselves, and our collective future,” said Lisa Bahash, president of Ride Control LLC.
“MAT is extremely excited about this acquisition. There are tremendous synergies between our businesses and this will position our company to uniquely serve the OE and aftermarket needs of the passenger and commercial vehicle segments for years to come,” said MAT Holdings CEO Steve Wang.
“Gabriel has enjoyed a very strong relationship with OpenGate Capital and the success and opportunities it afforded the company and brand. As we look forward, we are pleased with our new alliance with MAT Holdings Inc. as we join a team of companies within the same industry,” added Bahash.
Gabriel’s business fits into the existing set of MAT companies providing a unique product line along with the strength of a well-known and respected brand, according to the company.
“We are excited by the future potential for growth and expansion and we look forward to a long and mutually beneficial relationship with MAT Holdings Inc.,” concluded Bahash.
