Realization Crosses Finish Line Representing Real Value Creation by OpenGate
LOS ANGELES, CA – December 10, 2012 – OpenGate Capital, LLC, a private investment and acquisition firm, announced today it has completed the sale of Ride Control, LLC including the Gabriel® (U.S. and Canada) and GRC® (Mexico) brand names to MAT Holdings, Inc., a global manufacturer and distributor of products in the automotive, hardware, and power equipment sectors. Financial terms of the transaction were not disclosed.
Ride Control serves the automotive aftermarket as a leading designer, manufacturer and distributor of shock absorbers and struts in the U.S. and Canada.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “We are proud of the hard work and commitment demonstrated by the entire Gabriel team under the leadership of the CEO, Lisa Bahash. For the last three and a half years, the OpenGate Capital portfolio management team and Lisa’s team have executed on a plan to improve the business. The combined results of taking a business from cash and EBITDA negative, to a 20 percent increase in revenues and nearly $20 million positive EBITDA, are a testament to their success.”
The Ride Control business was comprised of two acquisitions; Ride Control acquired by OpenGate Capital from Arvin Meritor in June of 2009, and Ride Control Mexicana, acquired in August of 2009, also from ArvinMeritor. The business has more than 1,400 employees located in Michigan, Oklahoma, Tennessee and Mexico.
About OpenGate Capital
OpenGate Capital is a global private investment firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France and São Paulo, Brazil. OpenGate’s seasoned professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 30 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $3 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com
About Ride Control, LLC
Ride Control designs, manufactures, markets and distributes shock absorbers and strut assemblies under the Gabriel® (U.S. and Canada) and GRC® (Mexico) brand names. The company originated the world’s first automotive shock absorber, “The Snubber,” in 1907, and continues today to be a market leader in the design, engineering, development and production of suspension system products today. The Gabriel® brand name is among the most widely recognized brands in the North American automotive aftermarket. The business generates more than $210 million of sales and has over 1,400 employees in the U.S., Canada and Mexico serving over 600 customer accounts. The company maintains manufacturing, design, warehouse, sales and management offices throughout North America including Detroit, Michigan; Chickasha, Oklahoma; Brentwood, Tennessee and Queretaro, Mexico. For additional information, please visit www.gabriel.com.
About MAT Holdings, Inc.
MAT Holdings, Inc. is a privately held company, founded in 1984, that has quickly grown as a respected global manufacturer, distributor and marketer of products in the fencing and hardware, automotive, and power equipment sectors. Headquartered in Long Grove, Illinois it has operations on three continents, including 2.1 million square feet of U.S. distribution and manufacturing space, and provides its customers with a full range of services including U.S. and overseas engineering, quality assurance, logistical and distribution support, strategic warehousing, bi-lingual sourcing, product development and marketing. For more information regarding MAT Holdings, Inc. and its family of companies go to www.mat-holdings.com.
For more information, please contact:
OpenGate Media Contacts
Telephone: +1 (310) 432-7000
Sitrick & Company
Telephone: (310) 788-2850
OpenGate Business Development Contact
Telephone: +1 (310) 432-7000
MAT Holdings Media Contact
Telephone: 1 (847) 383-8595