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P&M Corporate Finance, LLC (“PMCF”) is pleased to announce that it served as exclusive financial advisor to voestalpine Polynorm AG, in the asset sale of its U.S. subsidiary, voestalpine Polynorm, Inc., to Caparo plc. Based in Novi, Michigan, voestalpine Polynorm, Inc., is engaged in the manufacture of small to medium-sized stampings, welded assemblies, and e-coated components for the automotive industry. voestalpine Polynorm is a high quality supplier of stamped metal chassis and body-in-white components such as floor reinforcements, convertible room mechanism components, pedal assemblies and brackets. The entity will be known as Caparo Vehicle Components Inc going forward.
As explained by Michael Dustmann, Caparo’s COO for expansion efforts in North America, “the automotive supply market in North America is known for its tough competitive environment, but it remains the largest in the world, presenting great opportunities for the resources and capabilities of Caparo. We have been patiently searching for the right acquisitions in the US with the people, quality and customer service that Caparo is known for worldwide while at the same time providing a platform for successful growth.”
PMCF’s Industrials team worked closely with voestalpine Polynorm management to evaluate, manage and successfully complete this strategic transaction. By extending its manufacturing platform into North America, the sale further strengthens Caparo’s leadership in the field of global automotive supply. “We believe the local capabilities, quality and service reputation in Detroit, with additional regional locations in the Southeast US and Mexico, combined with Caparo’s worldwide quality reputation and capabilities, including optimized sourcing of product, tools and dies and engineering services from Caparo Vehicle Products in India and UK, provides a compelling sourcing opportunity to the North America market,” explained Colin Scott, President of Caparo Vehicle Components Inc.
The law firm of Butzel Long served as legal advisor to voestalpine Polynorm AG. Caparo was represented by legal advisor Spencer Fane Britt & Browne LLP and financial advisor Clayton Capital Partners. The transaction closed October 31, 2007.
About voestalpine Polynorm, Inc.
voestalpine Polynorm, Inc. is a manufacturer of small to medium-sized stampings, welded assemblies, and e-coated components for the automotive industry. The company is a high quality supplier of stamped metal chassis and body-in-white components such as floor reinforcements, convertible room mechanism components, pedal assemblies and brackets to a broad cross-section of automotive OEMs, Tier I and Tier II suppliers.
Formerly known as Delwal Corporation, vPINC was formed in 1999 when it was acquired by Polynorm NV (subsequently acquired by voestalpine AG).
About voestalpine AG
voestalpine AG is a leading European processing group with steelmaking and metal forming operations worldwide and annual turnover of approximately €6.5 billion. Headquartered in Austria and publicly traded on the Vienna Stock Exchange, voestalpine AG operates through four divisions: Steel, Railway Systems, Automotive, and Profilform. voestalpine Polynorm, Inc. is a subsidiary in the Automotive Division.
About Caparo plc
Caparo is a fast growing European entity with approximately $1.4 billion in annual revenue. The company’s business interests are predominantly in steel, engineered and vehicular products. Caparo’s wider activities encompass materials testing services, hotels, film distribution and private equity investment.
Headquartered in London, Caparo’s operations are located at over 50 sites in the UK, North America, India and Spain. The group was founded in 1968 by Indian born British Industrialist, Lord Paul of Marylebone, who remains Chairman. Caparo, one of the largest family-owned businesses in the UK, employs approximately 6,000 people worldwide.
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