Crestview-backed Accuride expands global presence with Mefro Wheels purchase
Accuride Corp. (NYSE: ACW), a portfolio company of Crestview Partners, has agreed to acquire automotive parts maker Mefro Wheels GmbH. The deal will help the buyer expand its global presence.
Based in Solingen, Germany, Mefro Wheels produces steel wheels for the European and Asian auto market. The target has manufacturing operations in Germany, France, Russia, Turkey and China.
“The addition of Mefro Wheels will extend Accuride’s geographic reach, expand our truck and trailer wheel offering in Europe, Russia and Asia and further diversify the end-markets we serve with passenger car and off-road construction and agriculture businesses," says Accuride CEO Rick Dauch. Financial terms of the acquisition were not disclosed.
Evansville, Indiana-based Accuride manufactures commercial wheels and related parts for cars and trucks under the Accuride, Accuride Wheel End Solutions, Gunite and Giantetti Ruote brands. In September 2016, Crestview purchased Accuride for nearly $124 million as a growth platform company and bought KIC earlier in 2017.
Recent deals involving parts suppliers to the automobile and aerospace industry include: Audax’s recent acquisition of Fastener Distribution Holdings LLC, a distributor of hardware materials for the aviation industry; Sonaca Group’s deal to buy LMI Aerospace Inc. (Nasdaq: LMIA) for nearly $190 million in cash; and Monroe Truck Equipment Inc.’s purchase of equipment maker Towmaster Inc.