US Farathane Corporation, which is backed by The Gores Group, has acquired Tepso Plastics Mex, a producer of engineered plastic injection molded components and assemblies for the automotive sector. No financial terms were disclosed.
AUBURN HILLS, MI, January 13, 2016 – US Farathane Corporation (“US Farathane”), a portfolio company of The Gores Group, announced today that it has acquired Tepso Plastics Mex (“Tepso”), a manufacturer of engineered plastic injection molded components and assemblies for the automotive sector with two production facilities located in Mexico.
Tepso’s production facilities in Monterrey and Romita combined with its strong management team, new asset base, and culture of manufacturing expertise represent an opportunity to expand US Farathane’s geographic footprint and gain direct access into the growing Mexican automotive production sector.
Furthermore, the Tepso acquisition offers US Farathane and CEO, Andy Greenlee, the opportunity to partner with existing customers in the U.S. and Mexico to bring US Farathane’s expertise to Tepso customers.
“Tepso is the perfect fit for our expansion into Mexico, and we are excited to complete this acquisition as a key part of our strategy to provide global solutions to our customers,” said Andy Greenlee. “In addition to two first class facilities, we are gaining access to an outstanding group of highly skilled and dedicated employees that have driven world class results. With locations in northern and central Mexico, we are well aligned to serve our existing and future customers. We are bullish on Mexico and feel we are ideally positioned for the future.”
About US Farathane Corporation
With 13 manufacturing facilities in the United States and Mexico, and headquartered in Auburn Hills, MI, US Farathane Corporation is a leading solutions partner to the North American automotive OEMs providing functional black plastic and interior and exterior plastic components. US Farathane is ISO 9001 and ISO 14001 certified as well as TS 16949 certified. US Farathane customers include FCA, Ford, General Motors, Honda, Toyota, and several other large global OEMs. For more information, please visit www.usfarathane.com.
About The Gores Group
The Gores Group, founded in 1987 by Alec Gores, is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer.
Over its 25+ year history, The Gores Group has become a leading investor having demonstrated a reliable track record of creating value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.