Carlyle Group Acquires AxleTech
The Carlyle Group announced that it has agreed to purchase AxleTech International from Wynnchurch Capital and other minority shareholders. Wynnchurch and existing AxleTech management will remain with the company and continue to be equity investors under the new ownership. The transaction is expected to close in October. Financial terms were not disclosed.
AxleTech, based in
“AxleTech presents a unique opportunity to partner with a proven management team operating in an attractive market segment,” said Gregory Ledford, managing director and head of the automotive and transportation team at Carlyle. “Under CEO Mary Petrovich’s leadership, the company has significantly grown and enhanced its presence in key military and aftermarket segments.”
In a statement to investors posted on the company’s website, Petrovich said “Carlyle’s new investment partnership creates significant opportunity for AxleTech to grow domestically and internationally. They are firm believers in a geographically diverse operational footprint to serve customers with the most competitive, highest quality and lowest cost products.”
AxleTech was founded in 2002 when Wynnchurch acquired the off-highway operations of ArvinMeritor. The Carlyle Group is a global private equity firm with $31 billion under management.Edit Module