Cranbury, NJ – August 13, 2015 – CRP Industries Inc., a leader in automotive parts and industrial products, has announced the acquisition of Atlantic Automotive Enterprises (AAE), a steering systems manufacturer specializing in new and remanufactured steering racks, power steering pumps, gear boxes, and related electric components.
AAE will function as a wholly owned subsidiary of CRP Industries Inc. and operate independently out of its 125,000 sq. ft. headquarters and manufacturing facility in Tabor City, NC. CRP Industries was advised on the AAE acquisition by Fairmount Partners, a Philadelphia based investment banking firm.
Daniel N. Schildge, CEO of CRP Industries Inc., made the announcement and noted, “This acquisition is a great opportunity for both CRP Industries and AAE, and both companies will gain considerable benefits from our combined experience, skill sets, and core competencies. AAE puts us into the remanufacturing business and also brings us an exciting new product segment that offers significant topline growth potential made possible by our strong market position and the ongoing developments within the power steering product category.”
AAE owner and founder, John Treece, will remain at the helm of AAE and become part of the CRP Industries management team, reporting directly to Daniel N. Schildge. Treece stated, “Our organization is extremely excited to be uniting with such an outstanding organization as CRP Industries. Both companies have a long history and reputation for being quality oriented and service driven. Our corporate values and cultures with respect to how we service our customers and appreciate and value our employees are closely aligned. This is truly a win-win for our collective customers and employees.”
AAE’s history as a quality manufacturer and formidable knowledge and expertise in collaborative product development with global suppliers, will also bring benefits to CRP’s overall product programs and future developments. AAE and CRP customers will mutually benefit from having access to cutting edge, first-to-market products and services.
About CRP Industries
CRP Industries is a leader in the automotive parts and industrial products sectors. The company provides products from some of the most recognized brand names in the NAFTA market, including ContiTech automotive belts, Rein Automotive parts, Pentosin technical fluids, AJUSA gaskets and head bolts, Fertan rust treatment products, Reinflex high-pressure thermoplastic hoses, TUDERTECHNICA rigid mandrel hoses, and Perske high-speed motors. In addition to Cranbury, NJ, CRP Industries operates office facilities and warehouses in Fremont, CA; Mississauga, Ontario; and Puebla, Mexico. For additional information, visit: http://www.crpindustries.com
About Fairmount Partners
Fairmount Partners is one of the largest independent investment banking firms in the Mid- Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising, and strategic advice. Key clients operate across the Industrial and Consumer Products, Healthcare Services and Technology, Information Technology Services and Technology and Software end markets. http://www.fairmountpartners.com.
Principals of Fairmount Partners acted as advisors to CRP Industries in this transaction.