NEW YORK and LEXINGTON, Mich., Sept. 2, 2015 /PRNewswire/ -- Seven Mile Capital Partners, LP ("Seven Mile") has acquired Huron, Inc. ("Huron" or the "Company") from Trive Capital. Terms of the transaction were not disclosed.
Huron, based in Lexington, Michigan and founded in 1943, is a leader in the engineering and manufacturing of complex tubular assemblies and precision machined components for the North American automotive industry. The Company utilizes advanced technologies, vertically integrated processes, and state-of-the-art systems to engineer and manufacture critical engine and transmission components and assemblies for its original equipment manufacturer ("OEM") customers. The Company is a leader in working with OEM's to deliver fuel-efficient powertrain technologies. The Company's product offering includes turbocharger coolant tubes, exhaust gas recirculation (EGR) tubes, engine coolant lines and oil handling tubes, in addition to transmission and axle vent solutions, valves and other precision machined components.
Huron is led by an experienced senior management team that has developed a strong culture of operational excellence, continuous improvement and data driven decision making.
Jerry Solar, Huron's CEO stated: "The Huron management team is excited to partner with Seven Mile given their deep experience and strong understanding of the manufacturing sector. We have a shared vision for the future and look forward to working together to continue to execute on the Company's numerous growth opportunities."
Vince Fandozzi, Managing Partner at Seven Mile, commented, "Huron is a terrific company and we feel very strongly that it is uniquely positioned for significant growth. The Company is at an inflection point in its growth trajectory as OEM's shift to downsize and add turbochargers to engines to meet increasingly stringent emissions and fuel economy standards. We have been very impressed with the management team and their ability to foster long-term customer relationships with leading OEM's. We look forward to partnering with Jerry and the team to continue building upon Huron's strong history of developing complex and innovative products for automotive powertrains.
Kevin Kruse, Partner at Seven Mile stated, "The Huron acquisition represents our second platform investment. Huron fits very well into our investment criteria and industry focus and we look forward to leveraging our deep experience within the manufacturing and automotive sectors to support the Company's next phase of growth."
Led by Jerry Solar, the CEO of the Company, the current management team will continue to run the business. Robert Bales, the former Chairman of Huron, will join the board of directors, effective immediately.
Equity for the investment was provided by Seven Mile Capital Partners Special Opportunities Fund, LP, and a group of co-investors, including Trent Capital Partners, Bratenahl Capital Partners and Ingleside Investors.
Sheppard Mullin Richter & Hampton LLP acted as legal advisor to Seven Mile. Kayne Anderson Capital Advisors provided debt financing.
For more information please visit www.huroninc.com.
About Seven Mile
Seven Mile Capital Partners, LP is a New York City based middle market private equity firm that seeks to acquire either control or substantial influence of underappreciated companies and opportunities in the Industrial/Manufacturing and Business Services industries.
Seven Mile Capital Partners, LP working in partnership with experienced management teams, focuses on companies where new capital, management alignment and a long-term investment horizon can help achieve superior investment returns.
More information on Seven Mile Capital Partners, LP can be found at www.sevenmilecp.com.
SOURCE Seven Mile Capital Partners, LP