McHENRY – A group of investors led by a New York private equity firm purchased McHenry-based aftermarket auto parts maker Brake Parts Inc. Monday.
The sale will not affect local jobs at this time, said Jeff Stauffer, vice president of global marketing for Brake Parts Inc. Terms of the deal weren’t disclosed.
“Now that the deal has been completed, the BPI team along with our strategic partners are eager to move forward,” Brakes Parts Inc. President and CEO David Overbeeke said in a press release. “Brake Parts Inc. has a strong heritage of leading the category in product quality and innovation, first to market applications and superior customer service.”
Brake Parts Inc. is a leading global brake system products manufacturer. It makes brake pads, shoes, rotors, drums, calipers, hydraulic parts and wheel hubs. Its Raybestos brand of brakes are used by NASCAR teams such as Joe Gibbs Racing and Roush Fenway Racing.
Torque Capital Group said it wants to see Brake Parts Inc. increase global sales.
“Torque and our investors were particularly attracted to BPI’s strong management team and their leading market position in the North American brake parts aftermarket,” Joseph Parzick , managing partner of Torque Capital Group, said in a press release. “We are excited by the prospect of leveraging the Raybestos brand of brake products to drive international sales growth, particularly in Asia.”
Torque Capital invests primarily in small and lower-middle market manufacturing businesses, according to its website.
Brake Parts Inc., headquartered at 4400 Prime Parkway in McHenry, has about 5,400 employees worldwide, including about 525 in McHenry, said Stauffer.
Parent company Affinia Group Holdings, of Ann Arbor, Mich., spun off Brake Parts Inc. to shareholders in November 2012.
Brake Parts Inc. recently restructured its manufacturing operations, shifting production to low-cost countries. It also has invested in new manufacturing equipment and processes to make quality products more efficiently.
The company said it remains committed research, development and testing of its products to make sure they are better than the original equipment they replace.
“We are in one of the most dynamic categories in the global automotive aftermarket,” Overbeeke said. “We are dedicated to continuous improvement in everything we do, each and every day in order to meet the demands of our highly valued customers.”