Wynnchurch Capital has completed its acquisition of bankrupt auto parts supplier Proliance International Inc., for $21.5 million. Leveraged financing was provided by The Private Bank.
Wynnchurch Capital announced today that its newly formed portfolio company Vista Automotive LLC (“Vista-Pro”) has completed the acquisitions of Centrum Equities, XV (“Centrum”), a holding company that had previously acquired select aftermarket assets of Visteon Corporation in 2008, and substantially all of the North American assets and operations of Proliance International Inc. (“Proliance”).
The combination makes Vista-Pro the leading North American designer, manufacturer and distributor of aftermarket radiators, heater cores and condensers, as well as a leader in remanufactured starters and alternators, hydraulic steering systems, rack and pinion systems and power steering pumps for automotive and heavy-duty applications.
Vista-Pro’s product offering and family of brands will include Proliance’s well-known, patented products including:
ReadyAire® heater cores
Vista-Pro’s full line of thermal products will be manufactured in two World-Class facilities in North America, ensuring rapid response to customer demand, fast delivery times and the highest quality product. Vista-Pro Automotive’s North American manufacturing facilities will increase the reliability and quality of its offerings through integrated engineering, distribution and manufacturing, and enhanced manufacturing capabilities. Vista-Pro’s remanufacturing operations and distribution center are headquartered in Sparta, Tennessee.
In addition to the equity investment by Wynnchurch Capital Partners II, LP, additional equity funding for the formation of Vista Pro and the acquisition of the assets of Proliance was provided by Mr. Roger Brown, the CEO of Vista Pro, and Mr. John McClinden, a Chicago based investor. Debt financing was provided by The Private Bank.
Roger Brown, CEO of Vista-Pro Automotive, said “Our entire team is extremely excited about the creation of this new company, which will provide OE quality and Best-in-Class product support and service to our customers. By joining forces as one, Vista-Pro Automotive will become a market leader in product offerings, reliability, response, and technical and product support.”
Terry Theodore, Partner for Wynnchurch Capital, added, “The synergies generated by the formation of the new company will provide significant opportunity for growth, the introduction of new products, and a platform for providing exemplary service to Vista-Pro’s customers. We are confident that Vista-Pro will establish a new level of service and support for its customers. We’re pleased to be part of this alliance and look forward to building Vista-Pro through additional acquisitions.”
Vista-Pro Automotive will operate from its corporate headquarters in Nashville, TN and distribution centers in Sparta, TN, Southhaven, MS and Reno, NV.
About Wynnchurch Capital:
Located in the Chicago suburb of Rosemont, IL, and founded in 1999, Wynnchurch Capital is a leading middle-market private equity investment firm that provides capital and management tools to improve the operations of acquired companies. Wynnchurch’s strategy is to partner with outstanding management teams to acquire middle-market companies in the U.S. and Canada that possess the potential for substantial growth in profit through performance improvement. Wynnchurch Capital manages a number of private-equity funds with capital under management in excess of $500 million, specializing in management buyouts, recapitalizations, corporate carve-outs, restructurings and growth capital investments.