Accuride

Crestview Partners has agreed to buy Accuride Corp. (NYSE: ACW) for around $124 million. The purchase price values the target at $2.58 per share, based on the number of shares outstanding.

Accuride, based in Evansille, Indiana, supplies parts that are used to manufacture wheels for cars and trucks under the Accuride, Accuride Wheel End Solutions, Gunite and Giantetti Ruote Brands. Some of its notable customers include, General Motos Co. (NYSE: GM), Daimler Truck North America and Volvo Truck Corp. Earlier in 2016, Accuride sold its iron castings division, Brillion Iron Works, to Metaldyne Performance Group Inc. (NYSE: MPG) for $14 million.

“This acquisition results in a de-levered Accuride, providing the company with greater flexibility to pursue growth around the world,” says Crestview partner Alex Rose. After the deal closes, Accuride CEO Rick Dauch is expected to continue to lead the company.

Crestview is a New York-based private equity firm that manages funds with more than $7 billion in commitments. The firm focuses on the media, energy, financial services and industrials sectors. In 2015, Crestview announced plans to buy a stake in broadband provider Wow.

In other auto part deals, Illinois Tool Works Inc. (NYSE: ITW) completed the purchase of ZF Friedrichshafen AG’s engineered fasteners and components business; Grakon LLC is adding lighting and electronics manufacturer Hamsar Diversco Inc.; and Watermill Group acquired metal parts maker Experi-Metal Inc.

Deutsche Bank and Latham & Watkins LLP are advising Accuride. RBC Capital Markets LLC and Kirkland & Ellis LLP are advising Crestview.

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