TROY, Mich. Gabriel (Ride Control Inc.) has announced that the transaction to change its ownership from OpenGate Capital LLC to MAT Holdings Inc. was finalized yesterday. The deal was first announced in late October.
MAT Holdings, a global manufacturer and distributor of products in the automotive, hardware and power equipment sectors, has reached a definitive agreement with Auto Rider LLC to purchase 100 percent of Ride Control LLC.
According to MAT, the Gabriel 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.
“We are energized by the future potential for growth and expansion as we look forward to a long and mutually beneficial relationship with MAT Holdings Inc.” 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,” added MAT Holdings CEO Steve Wang.
Ride Control had been a portfolio company of OpenGate Capital LLC, a private investment and acquisition firm headquartered in Los Angeles, since June of 2009.
In just three and a half years with OpenGate, Gabriel established itself as a stand-alone company while reaffirming the respect of the historic and admired brand. According to Bahash, the company also was transformed from an underperformer to a sustainable, growing business in that time.
“Today, we have created yet another milestone for Gabriel, ourselves and our collective future,” concluded Bahash. “We are pleased with our new alliance with MAT Holdings Inc. as we join a team of companies within the same industry,” continued Bahash.