Sun Capital Partners is to sell its investment in Wabash Technologies, a supplier of powertrain sensors and actuators to the global automotive and related markets, to Sensata Technologies. Terms of the private transaction were not disclosed.
Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has signed an agreement to sell its investment in Wabash Technologies (“Wabash” or the “Company”), a leading supplier of high-quality powertrain sensors and actuators to the global automotive and related markets, to Sensata Technologies. Terms of the private transaction were not disclosed.
Headquartered in Troy, Michigan, Wabash designs and manufactures speed sensors, position sensors and actuators that are critical to various powertrain management functions. The Company services leading original equipment vehicle, engine and power equipment manufacturers, including major OEM and Tier-I players in the medium/heavy truck, construction, agricultural, recreational, marine, and industrial markets.
Upon acquisition by an affiliate of Sun Capital, several improvements to business operations were quickly executed in order to navigate the business through the global financial crisis, which was particularly challenging for the automotive industry. By carefully managing working capital, increasing production efficiencies, SKU rationalization, realizing meaningful platform growth with new and existing top tier automotive OEM customers, and expanding into additional end markets and geographies, the Company offset enormous market declines.
“Wabash Technologies’ customer-focused solutions and achievement of significant operational improvements have fueled the Company’s continued growth in the global sensor market,” said Marc Leder, Co-CEO at Sun Capital. “We’re pleased with the Company’s progress under our ownership, and are confident the Company is well-positioned for future success.”
Sun Capital has strong experience in the automotive sector through current affiliated portfolio company Vari-Form, which produces and markets hydroform intensive body structural products for North American car makers; as well as former affiliated portfolio companies including Fluid Routing Solutions, a designer and manufacturer of innovative, highly-engineered fuel management systems and hose extrusion products; and Raybestos Powertrain, a manufacturer and supplier of transmission-related products.
Lincoln International advised the sellers on the transaction.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a pioneer in private equity investing, uniquely combining the financial skills and resources of a traditional private equity firm with the insight and expertise of a world class operating team. The firm focuses on market-leading companies that can benefit from our in-house professionals, resources, and expertise in their efforts to materially improve operating performance. Sun Capital affiliates have invested in more than 330 companies worldwide with combined sales in excess of $45 billion since our inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen.