U.S.-based Brake Parts Inc LLC (BPI) has agreed to buy OE Quality Friction Inc, a Canadian maker of original equipment quality disc brake pads for the automotive aftermarket. BPI said it entered into an an asset purchase agreement with the Mississauga, Ontario-based company’s receiver on January 20. The deal, the financial terms of which were not disclosed, is expected to close this month. A brake system products manufacturer and supplier, BPI was bought in 2013 by a group of investors led by U.S. private equity firm Torque Capital Group. OE Quality Friction is a portfolio company of U.S. private equity firm Huron Capital Partners.
Brake Parts Inc to Acquire OE Quality Friction Inc.
January 21, 2015
MCHENRY, Ill. – Brake Parts Inc LLC (BPI) announces its plan to acquire the assets of OE Quality Friction Inc. (OEQF), headquartered in Mississauga, Ontario, according to David Overbeeke, president and CEO of Brake Parts Inc.
On Jan. 20, Brake Parts Inc entered into an asset purchase agreement with OEQF’s receiver and an agreement to facilitate the interim operation of the Juarez, Mexico plant in order to strengthen production capabilities and serve customers. The closing of the asset purchase transaction is expected to occur in January.
“As we operate the business and plan for the transition of OE Quality Friction’s assets to BPI, we are mindful of OEQF customers and pledge to continue to provide them with quality brake products backed by superior BPI customer service and vastly improved fill rates,” said Overbeeke. “The acquisition of OE Quality Friction fits well into our company’s global growth strategy and provides real value to our customers in North America and beyond.”
Source: Brake Parts Inc LLC
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