Spectra Premium Mobility Solutions, a newly formed company owned by Turnspire Capital Partners and management, announce it has completed the purchase of the assets of Spectra Premium Industries Inc., catalyzing the focused improvement of the company’s core business and signifying a new era for Spectra Premium.
Going forward, Spectra Premium will focus its development and commercial efforts on the strategic product segments of heat transfer, engine management and undercar. A strong balance sheet and Turnspire’s significant strategic, operational and financial resources will enable Spectra Premium to optimize its unique North American manufacturing capabilities and its superior design engineering to enhance its product offering to aftermarket and OEM customers.
“The completion of this transaction allows us to focus on the future of the company,” said Denis Chabot, CEO of Spectra Premium. “We will serve our target markets with the same OE quality parts and category expertise that made Spectra Premium a market leader. Further, being conservatively capitalized will enable increased investment in operational capabilities, speed to market and new product technology. We are returning to our roots, but now even better!”
To support this transformation, Spectra Premium is adding new talent to its management team. Josh Gordon has joined the company as president and chief operating officer. Gordon is a proven business leader with a successful track record in the automotive and consumer products industries. In his new role, Josh will manage strategic, commercial and operational activities for Spectra Premium, working closely with Chabot and the rest of Spectra’s management team.
“We are thrilled that the transaction has been completed and we can now focus on providing management the strategic and operating resources they need to reinforce Spectra Premium’s market position and ensure the company’s success,” said Ilya Koffman, managing partner, Turnspire Capital Partners. “We look forward to working with the Denis, Josh and the whole dedicated leadership team and valued employees of Spectra Premium.”