FARMINGTON HILLS, Mich., Oct. 19 /PRNewswire/ -- GDX International
Holdings Ltd. (GDX), a leading global supplier and manufacturer of sealing
systems and glass encapsulation products for the automotive sector,
announced today that MAPS Holdings Inc., an affiliate of Wynnchurch
Capital, a Chicago- based private equity firm, had entered into a
definitive agreement to acquire the ongoing business and certain of the
facilities of GDX. As part of this transaction, MAPS Holdings will acquire
GDX's global headquarters in Farmington Hills, Michigan and GDX's operating
facilities in New Haven, Missouri, Welland, Ontario, Guadalajara, Mexico,
and Grefrath and Rehburg, Germany, as well as facilities in the Czech
Republic and GDX's joint venture operations in China. Terms of the
transaction were not announced. MAPS Holdings recently acquired the North
American business of Metzeler Automotive Profile Systems. GDX is owned by
funds and accounts managed by Cerberus Capital Management, L.P.
The transaction is expected to be closed in late November 2007. The
closing is subject to the satisfaction of a number of conditions, including
the finalization of agreements with major customers concerning the ongoing
business, as well as reaching various agreements concerning facilities that
are not included in the transaction. These excluded facilities are GDX's
operations in Batesville, Arkansas, Wabash, Indiana and Magog, Quebec, as
well as subsidiaries operating in Spain and France.
"We are very pleased to have entered into an agreement with MAPS
Holdings and believe the sale agreement announced today provides the best
long-term prospects for the company's customers, employees and other
stakeholders," said Timothy Nelson, Chief Operating Officer of GDX North
America Inc. "We are excited about working with Metzeler's North American
management team as we focus on delivering quality service and highly
engineered sealing systems to our customers."
"Combining GDX with MAPS Holdings represents an attractive opportunity
to dramatically grow our business and establish the global footprint needed
to better support our customers in today's highly competitive and
increasingly global automotive sealing industry," added Rob DePierre, Chief
Executive Officer of MAPS Holdings. "Our goal is to build an organization
dedicated to world class customer service and manufacturing excellence."
About GDX Automotive:
GDX Automotive is a leading global supplier which designs, develops,
markets and manufactures highly engineered sealing systems for both dynamic
and static automotive applications. GDX's products include weather-strip
seals, glass encapsulation, modular sealing systems and anti-vibration
components. GDX global headquarters is in Farmington Hills, Michigan. Its
European headquarters and technical center is in Grefrath, Germany.
About MAPS Holdings:
MAPS Holdings is a leading designer and manufacturer of a complete line
of highly-engineered vehicle sealing systems for doors, windows, trunks,
lift gates, sunroofs and hoods. Headquartered in Madison Heights, a suburb
of Detroit, MAPS Holdings has operating facilities located throughout the
United States, Canada and Mexico.
GDX Media Line: (248) 553-5138
For MAPS Holdings: Jennifer Christensen, 847-604-6126
SOURCE GDX International Holdings Ltd.