OpenGate Capital LLC has decided to sell Ride Control LLC and its Gabriel brand of shocks and struts. The new owner will be MAT Holdings Inc.
Ride Control has been a portfolio company of OpenGate Capital since June of 2009.
MAT Holdings, a global manufacturer and distributor of products in the automotive, hardware, and power equipment sectors, will purchase 100% of Ride Control from OpenGate's portfolio company, Auto Rider LLC. Final closing of the transaction is expected before Dec. 31, 2012.
“In just three and a half years, we've accomplished much," says Lisa Bahash, president of Ride Control. "We’ve created a stable, stand-alone company, re-established the respect of an historical and admired brand, and transformed our business from an underperformer to a sustainable, growing business."
"There are tremendous synergies between our businesses and this will position our company to uniquely serve the OE and aftermarket needs of the passenger and commercial vehicle segments for years to come,” says MAT Holdings CEO Steve Wang.
For more information regarding MAT Holdings and its family of companies, visit www.mat-holdings.com.
