Superior Capital Partners Completes Add-on Acquisition For Its Rostra Precision Controls Platform
TRANSACTION REPRESENTS THE 20TH ACQUISITION MADE UNDER SUPERIOR'S INAUGURAL FUND
Jun 29, 2015, 12:00 ET
DETROIT, June 29, 2015 /PRNewswire/ -- Superior Capital Partners LLC, a Detroit-based private equity firm, announced today that it has completed an add-on acquisition for its Rostra Precision Controls ("Rostra") platform. Vehicle Safety Manufacturing ("VSM"), a division of Rostra, has acquired the turn signal switch product line from Grote Industries, Inc. in Madison, Indiana. The transaction represents the 20th acquisition from Superior's 2008 inaugural fund.
VSM is a supplier of heavy duty turn signal switches, lighting products and safety components to both Original Equipment Manufacturers and aftermarket customers in the heavy duty and slow moving vehicle marketplaces. The acquisition of Grote's turn signal switch operation positions VSM as the undisputed leader of domestically produced turn signal products for the North American heavy duty truck market. The assets and manufacturing lines are being relocated to VSM's manufacturing facility in Newark, NJ.
Rostra Precision Controls is a leading manufacturer and distributor of electronic accessories including obstacle sensing systems, cruise controls and comfort systems to the light-vehicle aftermarket. The VSM Division, which was added to Rostra in 2014, provides Rostra with access to the heavy duty and slow moving vehicle markets. Rostra also manufactures electronic transmission components for the automotive aftermarket and for original equipment manufacturers.
Mark Carroll, Superior's Managing Partner, commented, "The acquisition of the Grote product line represents exactly the type of operationally intensive, value-added bolt-on that we seek in order to create out-sized returns for our investors. We've been working with the Rostra management team and Grote's customers for months in preparation for the move of the production line. When it is successfully transitioned, VSM will have the number one market position and have the lowest cost operation. The acquisition of the Grote product line also brings technology that we intend to commercialize in order to further strengthen the company's position."
As a special situations fund, Superior combines capital, transaction experience and operational improvement expertise with proven management teams who have the vision, capability and commitment to successfully improve and grow their businesses. Superior seeks to acquire or recapitalize niche manufacturers, value-added distributors and specialty service companies. Generally, these companies will have annual revenue of $10 to $150 million, identifiable growth opportunities and the need for capital and resources to implement a growth and recovery plan.
SOURCE Superior Capital Partners LLC
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