Ancaster, Ontario, August 10, 2015 – Stackpole International (“Stackpole”) today announced that Johnson Electric Holdings Limited (SEHK: 179) (“Johnson Electric”), a global leader in electric motors and motion subsystems, has agreed to acquire Stackpole. Stackpole is a leading supplier of critical, highly engineered transmission and engine oil pumps and powder metal components for automotive powertrains.
Stackpole is currently owned by funds managed by Crestview Partners (“Crestview”), a New-York-based private equity firm, and CITIC Capital Partners (“CITIC Capital”), a private equity firm based in Beijing and Shanghai, along with members of management.
Tom Murphy, Co-Founder of Crestview noted, “Pete Ballantyne and his team have done a great job growing Stackpole and securing a strong book of business that will drive the company’s success for many years. This transaction provides significant benefits to Stackpole’s shareholders, as well as for the company’s employees and customers, who will benefit from being a part of a larger, more diversified global organization.”
Peter Ballantyne, CEO and President of Stackpole said, “We are very excited to take this next step with Johnson Electric. With Johnson Electric’s electric motor capabilities complementing Stackpole’s strengths in transmission and engine oil pumps, vacuum pumps and powder metal products, we look forward to building on the momentum we have gained with Crestview to further establish our position as a leader and innovator of automotive powertrain components.”
The acquisition is expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approvals. Upon completion of the acquisition, Stackpole will operate as a wholly- owned subsidiary of Johnson Electric and will continue to be led by Peter Ballantyne as well as Stackpole’s present leadership team.
UBS Investment Bank and Morgan Stanley & Co. LLC acted as financial advisors to Stackpole and the selling shareholders. Kirkland & Ellis LLP and Stikeman Elliott LLP acted as legal advisors to Stackpole and the selling shareholders.
Perella Weinberg Partners LP acted as financial advisor to Johnson Electric on the transaction. Latham & Watkins LLP and Blake, Cassels & Graydon LLP acted as legal advisors.
About Stackpole International
Stackpole International is a leading supplier to automotive original equipment manufacturers and tier 1 suppliers of critical, highly engineered transmission and engine oil pumps and powder metal components for automotive powertrains. Stackpole is headquartered in Ancaster, Ontario, and maintains a global manufacturing footprint across North America, Europe and Asia. More information about Stackpole can be found at www.stackpole.com.
About Crestview Partners
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has been an active investor in the automotive supply industry since 2007. More information about Crestview can be found at www.crestview.com.
About CITIC Capital Partners
CITIC Capital Partners is a leading China-based private equity firm managing US$2.6 billion of committed capital from over 60 global institutional investors with offices in Hong Kong, Beijing, Shanghai, Tokyo, and New York. CITIC Capital’s international team invests globally in companies which can leverage CITIC Capital’s extensive China resources to help its companies realize their full potential in China. CITIC Capital focuses on industrial and consumer businesses that have leading technology, brands and products. More Information on CITIC Capital can be found at www.citiccapital.com
About Johnson Electric
Johnson Electric is a global leader in electric motors and motion subsystems. It serves a broad range of industries including automotive, building automation and security, business machines, security and aerospace, food and beverage equipment, home technologies, HVAC, industrial equipment, medical devices, personal care, power equipment and power tools. Johnson Electric is headquartered in Hong Kong and the total global headcount stands at approximately 35,000 individuals located in Asia, the Americas and Europe. Innovation and product design centers are located in Hong Kong, China, Switzerland, Germany, Italy, Israel, Japan, the UK and the USA. Johnson Electric Holdings Limited is listed on The Stock Exchange of Hong Kong Limited (Stock Code: 179). For further information, please visit: www.johnsonelectric.com.
For additional information on Stackpole International, please contact:
Stackpole International 905‐304‐9455 x4590 email@example.com
For additional information on Crestview Partners, please contact:
Kekst and Company 212‐521‐4800 jeffrey‐firstname.lastname@example.org