Audax Private Equity is picking up Wheel Pros from private equity firm Platinum Equity.
Wheel Pros, headquartered in Cranberry Township, New Jersey, designs and distributes high-performance wheels and tires to the automotive industry, including to racing groups. Terms of the deal were not disclosed.
Boston-based Audax has more than $5 billion in assets under management. In April, the firm bought Luminator Technology Group LLC, which makes illuminated display lighting for busses, railways and airplanes.
Platinum Equity acquires Wheel Pros in 2008 and combined it with existing portfolio company American Racing. The firm, headquartered in Beverly Hills, California, has more than $7 billion in assets under management. The company buys manufacturing, information technology, telecommunications, transportation, media, equipment rental, metals and other companies. In February, the firm closed a deal for the rental equipment business of Volvo Group.
William Blair acted as Platinum Equity's financial adviser for the deal, while Bingham McCutchen provided legal advice.
The purchase comes during a busy time in the auto parts sector. Recent deals include Trim Parts' acquisition of Mr. Mustang Inc., and Avic Electromechanical Systems' deal for Hilite International.
For more, see "Winners of the Auto Aftermarket."
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