Crowne Group to purchase Trico Products
Trico Products Corp. has signed a definitive agreement under which Crowne Group LLC will acquire the company from funds managed by Kohlberg & Co. L.L.C. Trico will maintain its headquarters in Rochester Hills, Mich., and the current management team, led by Lou Braga, president and CEO. Terms of the transaction were not disclosed.
Trico is a global manufacturer, marketer and distributor of windshield wiper blades, systems and components for both the aftermarket and original equipment manufacturer segments. Trico employs approximately 2,450 people throughout the United States, Mexico, Asia, Europe, Australia and South America.
“Trico represents an excellent strategic fit for Crowne due to its balanced mix of business between aftermarket and OEM, potential for manufacturing and distribution synergies, a great infrastructure and management team,” says Stephen Graham, chief financial officer of Crowne. “We are excited to enter into a new phase of our own evolution, and we look forward to working with our new partners as we continue to successfully execute our strategy.”
The acquisition is subject to customary regulatory approvals and is expected to close in the coming months.
Crowne, headquartered in Cleveland, Ohio, is a leading manufacturer and distributor of both aftermarket and OEM component parts for the automotive and other industrial equipment markets. The business operates two divisions, Aftermarket and Original Equipment, and serves numerous leading customers including mass retail, distributors, OEM and Tier One manufacturers.
Crowne offers a diverse portfolio of products, including carbon and stainless steel tube components and fabricated products for exhaust systems, gas springs, fuel system components and injection molded plastic parts.
Since 2000, Crowne has successfully completed and integrated nine acquisitions. Crowne currently employs approximately 1,400 people and operates eight strategic manufacturing facilities in North America.