BLYTHEWOOD, S.C., Feb. 2, 2016 /PRNewswire/ -- Pure Power Technologies (PPT) today announced it has been acquired from Navistar, Inc., by an investment team whose principals include the Smithfield Group and Kensington Capital Partners. As a result, PPT immediately becomes the aftermarket's leading independent supplier of high-performance diesel fuel-injection systems and precision machining products and systems for medium- and heavy-duty truck applications.
"Pure Power Technologies' independence provides us with a tremendous opportunity for product diversity and growth," said Jerry Sweetland, president and CEO, Pure Power Technologies. "We are now well positioned to bring our world-class diesel technologies, precision manufacturing and testing capabilities to new market segments and customers that complement our core business with related products and solutions."
The company also announced that Navistar will continue to be a major customer, as PPT will be the truck company's primary supplier of high-performance diesel fuel-injection systems through a 10-year supply agreement for exclusive supply of its existing product portfolio.
Armed with decades of deep industry insight and its history as an OEM insider, Pure Power Technologies' extensive engineering and manufacturing expertise, coupled with high-precision equipment, ensures its customers only the highest levels of precision and consistent quality that are unmatched in the aftermarket. The company's unique experience as an OEM insider will allow it to develop products that stay ahead of market and regulatory trends and to deliver its products that offer uncompromising quality, durability and fuel economy to its customers.
"We view this agreement as a win-win for Navistar and Pure Power Technologies and its hard-working, dedicated workforce," said Scott Mackie, Navistar vice president, business development. "Our supply agreement with Pure Power Technologies will help us continue to deliver high levels of quality and uptime to customers, while providing PPT the opportunity to grow and expand as a standalone, independent company."
"The Smithfield Group and Kensington Capital Partners are committed to empowering Pure Power Technologies to continue to deliver capabilities and high-performance solutions that drive short- and long-term growth," said Justin Mirro, president, Kensington Capital Partners. "Our investment team has decades of experience providing strategic and capital advisory services to suppliers in the automotive space and will leverage our collective expertise to help Pure Power Technologies achieve further market leadership."
OE standards, precision engineering and fully integrated capabilities set PPT apart
From the Pure Power Technologies' advanced manufacturing facility in Blythewood, South Carolina, and its Development and Test Center in nearby Columbia, PPT offers:
- OE-caliber design, development, engineering and manufacturing/remanufacturing capabilities, including submicron machining and complex assembly systems
- OE standards in compliance, certification, prototyping, validation and PPM
- On-site dynamometer, hot gas test stand and diesel emissions testing
With its senior leadership team already in place, Pure Power Technologies is poised to invest additional capital to fuel growth through expanded services and, by utilizing existing research and development and manufacturing capabilities, to pursue new market channels in the OEM and aftermarket space. With a robust book of business and additional programs planned for the near future, the company will require increased in-house engineering and production manpower. To fuel this increased activity, Pure Power Technologies plans to hire approximately 25 employees in 2016, adding to the company's current workforce of 230.
"Smithfield is delighted to lead the acquisition of Pure Power Technologies in partnership with management, Kensington Capital Partners and our fellow investors," said John Arney, CEO, Smithfield Group. "Deployed in combination with the company's excellent leadership team and highly skilled workforce, the capital and decades of operational and industry expertise Smithfield brings will enable Pure Power Technologies to grow and thrive as a leading independent business."
About Pure Power Technologies:
Pure Power Technologies is one of the industry's leading independent suppliers of diesel fuel-injection systems to OEMs and the aftermarket. Headquartered in Blythewood, South Carolina, we're focused solely on developing and producing high-performance solutions that are rooted in our deep industry insight and in our history as an OEM insider. Our complete portfolio of design, engineering, manufacturing and remanufacturing capabilities allows us to achieve levels of quality and precision that pace the industry; to bring products to market faster and more efficiently; and to minimize vehicle downtime while maximizing productivity and performance. For more information, visit purepowertechnologies.com.
About Smithfield Group:
Smithfield Group LLP is an investor in international businesses with a particular focus on driving strategic and operational change in companies operating in the industrial, energy and services sectors. Headquartered in London, with a team of executives from three continents, Smithfield is founded on a long-term partnership that blends successful international private equity investors with CEOs who have led businesses across multiple sectors around the globe. Together, the Smithfield partners have delivered strong returns, generating more than $1 billion for investors.
About Kensington Capital:
Kensington Capital Partners, LLC, is an investor in automotive and industrial businesses. With more than 25 years of engineering, M&A, financing and restructuring experience, Kensington is an automotive-industry thought leader that provides non-conflicted advice to investors and management. The firm, headquartered in New York City, offers services including investment development, board representation and strategic advisory. The firm also publishes The Motor Weekly®. For more information, visit www.kensington-cap.com.
SOURCE Pure Power Technologies