- Horstman will take on General Kinetics’ Brampton, Ontario facility as its Canadian headquarters
- Along with this deal, Horstman acquired General Kinetics’ US subsidiaries
- CIEL Capital, a Canadian private equity-focused family office, acquired General Kinetics in 2021
CIEL Capital has sold General Kinetics Engineering Corp, a Brampton, Ontario-based manufacturer of military suspension damping systems and advanced semi-active damping systems. No financial terms were disclosed.
Germany’s RENK Group acquired the business and merged it with its existing advanced mobility centre of excellence to form Horstman Canada. Further, Horstman will take on the Brampton, Ontario facility as its Canadian headquarters and merge the mechatronics, simulation and active suspension engineering from its existing Woodbridge-based team.
Along with this deal, Horstman acquired General Kinetics’ US subsidiaries and combined its employees with Horstman’s team in Michigan. It expects to retain all North American employees.
Horstman, a RENK Group affiliate, is headquartered in Bath, UK with operations also in the US and Canada.
“With this acquisition, we are consistently pursuing our path of growth and further internationalization,” said RENK CEO Susanne Wiegand in a statement. “Furthermore, we are increasing our market share in the most powerful defense market of North America.”
RENK Group, headquartered in Augsburg, Germany, is a global player for high-end gear units, power packs, hybrid propulsion systems, suspension systems, plain bearings, couplings, and test systems. It has revenue of €850 million.
CIEL Capital is a private equity-focused family office based in Toronto. It makes majority investments in founder-owned businesses, recapitalizations, succession, management buyouts, and corporate divestitures. CIEL acquired General Kinetics in 2021.