AxleTech International said Tuesday that Bill Gryzenia was named CEO effective today. Gryzenia was previously VP and General Manager of Dana Holding Corp.’s on-highway and off-highway aftermarket business. The Carlyle Group acquired AxleTech, an engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components, in January.
Troy, Michigan – AxleTech International, a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components headquartered in Troy, Michigan, today announced that Bill Gryzenia has been named Chief Executive Officer, effective today.
AxleTech Executive Chairman Mary Petrovich, said, “Bill was one of the first leaders that I brought in to turn around AxleTech after our spinoff from Meritor in 2002. While at AxleTech, he spent seven years transforming our Aftermarket business from $10 million to well over $100 million in annual revenue.”
Gryzenia said, “I am excited to begin this new chapter with Mary and the AxleTech team. I feel confident we can seize on opportunities to continue delivering premier products and grow the company.”
Global alternative asset manager The Carlyle Group (NASDAQ: CG) acquired AxleTech in January. Equity capital for the transaction came from Carlyle Equity Opportunity Fund, a $1.1 billion fund that makes control and minority investments in middle market companies with significant unrealized growth potential, both in the United States and internationally. Carlyle previously owned the business from 2005 to 2008.
Carlyle Managing Director, Adam Glucksman, said, “We are fortunate to bring back one of the most proven executives in the industry. We’re eager to utilize Bill’s experience to build on the next AxleTech success story.”
For the past five years, Mr. Gryzenia has gained experience as the Vice President and General Manager of Dana Holding Corporation’s global on-highway and off-highway aftermarket business. He brings experience, networks, knowledge and relationships across all of AxleTech’s major OE and Aftermarket opportunities. Prior to his work at Dana, he was Vice President, Aftermarket for AxleTech International and Director of Business Development with Apexon, Inc.
Mr. Gryzenia holds an engineering degree from the University of Michigan and an IMBA from the University of Chicago.
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AxleTech International, based in Troy, Michigan, is a supplier of off-highway and specialty vehicle drivetrain systems and components to original equipment manufacturers and the aftermarket for commercial and defense customers around the world. AxleTech has nine vocational markets: agricultural, aircraft ground support, construction, forestry, material handling, defense, mining, specialty truck and transit. AxleTech has manufacturing, distribution, and engineering facilities in Oshkosh, Wisconsin, Chicago, Illinois, St. Etienne, France, and Osasco, Brazil.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $194 billion of assets under management across 128 funds and 142 fund of funds vehicles as of December 31, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 40 offices across six continents.