CPE News (9/21/2021) – Turnspire Capital Partners LLC has signed a definitive agreement to acquire the assets of Spectra Premium Industries. Financial terms were not disclosed.
Spectra Premium Industries has filed sale motions to approve the sale to Turnspire pursuant to the Companies’ Creditors Arrangement Act (CCAA) Proceedings with the Quebec Superior Court and pursuant to the Chapter 15 Proceedings with the United States Bankruptcy Court for the District of Delaware.
The transaction includes all of Spectra Premium Industries’ assets in the United States and Canada as well as the stock of the Company’s Taiwanese subsidiary. All Spectra employees across its 14 locations will remain with the business.
The transaction is expected to close in the fourth quarter of 2021, following court approval and fulfilment of customary closing conditions.
In March 2020, Spectra Premium Industries sought CCAA and Chapter 15 protections.
Boucherville, Quebec based Spectra Premium Industries is a designer, manufacturer and distributor of thermal and fluid management metal-formed products for the automotive, heavy-duty truck and industrial markets. With over 700 employees, Spectra Premium Industries operates manufacturing facilities in Boucherville and Quebec City, as well as a network of distribution centers throughout the United States and Canada to serve its premier aftermarket and OEM customers.
Spectra Premium Industries’ significant shareholders include Caisse de dépôt et placement du Québec (CDPQ), Fonds de solidarité FTQ, Fondaction and Desjardins Capital.
In April 2016, as part of a purchase of certain shareholders’ stakes, CDPQ, Fondaction and Fonds de solidarité FTQ acquired majority stake in Spectra Premium Industries. CDPQ invested $28.3 million, Fondaction invested $15 million and Fonds de solidarité FTQ, main shareholder, invested an additional $2 million.
New York based Turnspire Capital Partners is a Special Situations private equity investment firm.
photo credit: Spectra Premium Industries
News Release
Turnspire Capital Partners To Acquire Spectra Premium Industries
NEW YORK, Sept. 21, 2021 /PRNewswire/ — Turnspire Capital Partners LLC (“Turnspire”) announced today that affiliates have signed a definitive agreement to acquire the assets of Spectra Premium Industries (“Spectra” or the “Company”).
Headquartered in Boucherville, Quebec, Spectra is a designer, manufacturer and distributor of thermal and fluid management metal-formed products for the automotive, heavy-duty truck and industrial markets. With over 700 employees, Spectra operates manufacturing facilities in Boucherville and Quebec City, as well as a network of distribution centers throughout the United States and Canada to serve its premier aftermarket and OEM customers.
The Company has filed sale motions to approve the sale to Turnspire pursuant to the Companies’ Creditors Arrangement Act (“CCAA”) Proceedings with the Quebec Superior Court and pursuant to the Chapter 15 Proceedings with the United States Bankruptcy Court for the District of Delaware.
The transaction includes all of Spectra’s assets in the United States and Canada as well as the stock of the Company’s Taiwanese subsidiary. All Spectra employees across its 14 locations will remain with the business.
Ilya Koffman, Managing Partner of Turnspire, said, “Spectra’s best-in-class engineering, and North American manufacturing and distribution capabilities position the Company as a supplier of choice to attractive automotive, commercial vehicle and industrial markets. The Turnspire acquisition will result in a strong balance sheet through the elimination of significant prior liabilities. Further, Spectra will benefit from our commitment to manufacturing excellence and access to significant strategic, operational and financial resources. We are excited to work with Spectra’s management team to build on the Company’s legacy of innovation and achieve profitable growth.”
Completion of the transaction is expected in the fourth quarter of 2021, following court approval and fulfilment of customary closing conditions.
About Spectra
Spectra Premium Industries designs, manufactures and markets technologies for aftermarket repair parts in North America, and OEM systems for conventional light, heavy and industrial vehicles as well as hybrid and electric vehicles worldwide. Spectra’s engineering and manufacturing expertise includes metal transformation, heat transfer and electronics. The Company operates manufacturing plants at its headquarters in Boucherville, Quebec and in Quebec City, and has its own tooling workshop. Spectra’s distribution network in the United States and Canada enables it to achieve exceptional customer service. For additional information, please visit www.spectrapremium.com.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
CONTACT:
Mark Semer
Gasthalter & Co.
(212) 257-4170
turnspire@gasthalter.com
SOURCE Turnspire Capital Partners