Wynnchurch Capital has sold Android Industries to a consortium led by Mitsui & Co., Dundee Corporation, Rick Renaud and management. The company will continue to be led by the current management team. Terms of the deal were not disclosed.
Wynnchurch Capital, Ltd (“Wynnchurch”), a leading middle market private equity firm, announced the sale of Android Industries, LLC (“Android”) to a buyer group consortium principally led by Mitsui & Co. (USA), Inc., Dundee Corporation, Rick Renaud and management (the “Ownership Group”). The company will continue to be led by the current executive management team. Terms of the transaction were not disclosed.
“We are very pleased with the final results of our Android investment and commend management for their exceptional efforts during our long tenure together. This marks the last portfolio holding to exit from our Fund I and has ensured our inaugural fund remains a top performer.”
Headquartered in Auburn Hills, Michigan, Android has become the global leader in outsourced complex modular assembly and sequencing for the automotive industry, and related supply chain logistics. Today, Android provides assembly services for a variety of chassis and interior modules, including tire and wheel, engine, suspension, instrument panels and consoles, across 16 plants in five countries. It also manages the full logistics for over $8 billion in related annual material spend.
Frank Hayes, a partner at Wynnchurch, stated: “Android has led the outsourcing of modular assembly by automotive OEM’s through exceptional execution, a focus on cost and technology leadership, and an innovative spirit in everything they do. It’s global leadership is a clear reflection of management’s dedicated philosophy of continuous improvement and always providing best-in-class solutions to its customers. We are proud to have partnered with the Android team during this ascent over the last ten years and wish them continued success with their new partners.
Jon Gregory, Android CEO, commented: “We wish to thank Wynnchurch for their partnership throughout an explosive period of growth and change. Their support in our investments in groundbreaking innovation and building a global footprint, during a rather tumultuous time in the automotive sector, was critical in our achieving the success we have had. We appreciate their contributions and look forward to the next phase of Android’s global expansion with our new Ownership Group.
John Hatherly, Wynnchurch Managing Partner, added: “We are very pleased with the final results of our Android investment and commend management for their exceptional efforts during our long tenure together. This marks the last portfolio holding to exit from our Fund I and has ensured our inaugural fund remains a top performer.”
Lazard & Company served as the financial advisor and Perkins Coie served as the legal advisor to the Company.
Android is headquartered in Auburn Hills, MI with operations in Canada, Spain, Mexico and Brazil. For more than 20 years, Android has assembled and sequenced complex modules, having provided module assemblies for over 100 million vehicle assemblies since 1990. Android’s team assembles modules “ in vehicle sequence” to very tight delivery windows in tight proximity to the customer or co-located on its campus. Further, designing and fabricating its own tooling and equipment, Android sets itself apart as an engineering-focused vertically-integrated assembler, able to deliver the lowest possible cost solutions to customers. For more information, please visit www.Android-Ind.com.
About Wynnchurch Capital:
Wynnchurch Capital, headquartered in the Chicago suburb of Rosemont, Illinois with offices in Detroit, Toronto, and an affiliate office in Montreal, was founded in 1999 and is a leading middle‐market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada which have outstanding management teams and possess the potential for substantial growth and profit improvement. Wynnchurch focuses on investments in niche manufacturing, business and industrial services, energy and power services, logistics, transportation and value‐added distribution. Wynnchurch manages a number of private equity funds with capital under management in excess of $1 billion, specializing in management buyouts, recapitalizations, corporate carve‐outs, restructurings and growth capital. For more information, please visit: www.wynnchurch.com.