DexKo Global, a portfolio company of KPS Capital Partners, has agreed to acquire Preston Chassis Industries Pty Ltd. No financial terms were disclosed. Based in Australia, PCI is a provider of chassis.
NOVI, Mich. and KÖTZ, Germany and MELBOURNE, Australia, Feb. 7, 2019 /PRNewswire/ — DexKo Global Inc., a global leader in highly engineered trailer running gear and chassis assemblies and related components, is pleased to announce that it has signed an agreement to acquire Preston Chassis Industries Pty Ltd. (“PCI”) through its wholly-owned Australian subsidiary AL-KO International Pty Ltd. (“AL-KO”).
PCI has a long history in the Australian caravan industry, supplying high quality chassis for over 40 years under the direction of its founders, Fernando “Fred” Pasquale and Orazio “Ozzie” Mammola. PCI manufactures chassis and other products from multiple facilities in Campbellfield, Victoria, and has earned a well-regarded reputation in the industry for its high-quality products and leading customer service. Fred and Ozzie sought a strategic buyer who would continue their legacy and continue to grow the business upon their retirement.
Fred Bentley, CEO at DexKo Global, said: “We are pleased that PCI will become part of DexKo Global. PCI has built an impressive legacy based on its commitment to provide high quality products to its loyal customers reliably. We look forward to building upon PCI’s success by offering existing and new customers more complete and innovative running gear solutions. This acquisition brings us closer to delivering our DexKo 2020 plan by growing the product offerings available to our customers.”
“As a long-time business partner & supplier, AL-KO, as part of DexKo Global, understands and values what is special about the PCI business and has the ambition and expertise to build upon our reputation and drive the business further,” said Founder Fred Pasquale. “I know that our customers will be in excellent hands.”
“PCI has established a remarkable reputation in the caravan industry over the last several decades,” said Harald Hiller, global President and CEO of AL-KO Vehicle Technology, who also emphasized the benefits for mutual and new customers “Adding PCI to our Australian business allows AL-KO to offer our collective customers a broad portfolio of products and systems to meet their quality and service requirements.”
“I am excited by the opportunity to integrate PCI into the DexKo organisation,” said AL-KO’s Australian Managing Director Peter Mannfolk. “I look forward to the already successful PCI business continuing to service customers, whilst adding the additional support of AL-KO in Australia and the global chassis manufacturing expertise of the DexKo group to take chassis manufacturing in Australia to new heights.”
Financial details concerning the deal will not be disclosed. The transaction is subject to standard conditions and regulatory approval.
DexKo Global is a portfolio company of KPS Capital Partners, LP (“KPS”). KPS is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5.4 billion of assets under management.
KPS Capital Partners, LP
KPS is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $5.4 billion of assets under management. For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies have aggregate annual revenues of approximately $5.5 billion, operate 110 manufacturing facilities in 27 countries, and have nearly 21,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
DexKo Global Inc.
DexKo Global is the world’s leading supplier of advanced chassis technology, chassis assemblies and related components with more than 130 years of experience in trailer and caravan components. DexKo Global was founded at the end of 2015 through the combination of Dexter and AL-KO Vehicle Technology. With its headquarters in Novi, Michigan, the company employs more than 5,000 associates with 42 production facilities and 22 distribution centers. DexKo Global Inc. has a turnover of more than US$ 1.5 billion.
ALOIS KOBER GMBH
Founded in 1931, AL-KO Vehicle Technology is now a global technology company with sites in Europe, South America, Asia and Australia. A supplier of high quality chassis components for trailers, leisure vehicles and light commercial vehicles, AL-KO is synonymous with ergonomic and functional excellence, superb comfort as well as innovations to enhance road safety. The company specialises in sophisticated innovation processes and has received many awards for this. ALOIS KOBER GMBH is a wholly owned subsidiary of DexKo Global, Inc., a portfolio company of KPS Capital Partners, LP.