General Cable Corporation has acquired Prestolite Wire, a manufacturer of wire and cable products and a portfolio company of Liberty Lane Partners.
Through its two operating divisions, Prestolite manufactures a range of wire and cable products and harnesses serving predominately transportation original equipment manufacturers, tier one auto suppliers, and OEM distribution customers. The company’s Wire and Cable Division is a manufacturer of copper wire and cable products. With a 460,000 sq. ft. plant located in Paragould, AR and established in 1989, Prestolite serves the transportation and industrial markets in North America. The Wire Harness Division is a manufacturer of ignition wire sets and a supplier of wire harnesses and battery cables to the automotive industry. The division services a range of OEMs and customers out of its manufacturing facility located in Nogales, Mexico – a 115,000 sq. ft. state of the art plant – and provides warehousing and full logistics support from a facility in Nogales, AZ, just across the Mexico-US border. The harness products of Prestolite are used in a range of applications including engines, transmissions, fuel systems, vehicle interiors, and brake systems, among others. In 2011, Prestolite reported revenues of $170 million. The company is headquartered in Southfield, MI (www.prestolitewire.com).
“Prestolite has built a strong brand and a broad base of long-standing customers through its reputation as a manufacturer of superior quality products and innovation, with a sharp focus on high temperature and abrasion- and corrosion-resistant applications,” said Roger Roundhouse, Senior Vice President and General Manager, Transportation Wire & Assemblies, General Cable. “This acquisition is highly complementary to our existing transportation related businesses as approximately 90% of Prestolite’s revenues are generated from products that are incremental to the company’s existing product portfolio. We are excited about the growth opportunities that will be afforded to us as a result of this acquisition through new products as well as through greater access to the growing and evolving automotive segment of the wire and cable industry.”
Liberty Lane Partners makes control investments in public and private buyouts of middle market companies and add-on acquisitions for existing portfolio companies. Sectors of interest include distribution, manufacturing, and services with a focus on advanced materials, automotive aftermarket, diagnostics, healthcare, life sciences, laboratory, nutritional supplements, pharmaceutical packaging, pharma services, sign and graphics, specialty distribution, specialty packaging, specialty polymers, and wire and cable. Liberty Lane Partners is based in Hampton, NH (www.libertylp.com).
General Cable (NYSE:BGC), a Fortune 500 Company, is a leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, specialty, construction and communications markets. The company is based in Highland Heights, KY (www.generalcable.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-13-12
