Sun Capital Partners has completed the sale of its investment in Vari-Form, a manufacturer of lightweight, hydroformed structural parts, to Crowne Group.
Vari-Form manufactures front end structures, cross members, roof rails, frame rails, instrument panel beams, radiator supports and engine cradles for pickup trucks, SUVs and light vehicles. The company is headquartered just outside Detroit in Troy, MI (www.vari-form.com).
Sun Capital, which has significant experience in completing corporate carve-out transactions, acquired Vari-Form in 2007 as part of a carve-out of TI Automotive’s non-core Industrial Group.
During Sun’s ownership period, a number of operations-focused initiatives were implemented at Vari-Form including lean manufacturing, product and customer diversification, investment in new technologies, and an expansion of sales and product development.
“As an independent business, Vari-Form has proven to be an innovative and resilient company whose products and services have made an indelible mark on the automotive industry,” said Marc Leder, Co-CEO at Sun Capital. “We are confident that the advancements made since 2007 will deliver lasting value, and the company will continue its upward trajectory under its new owner.”
Crowne Group, the buyer of Vari-Form, is a manufacturer and distributor of both aftermarket and OEM component parts for the automotive and industrial equipment markets. Crowne’s portfolio of products includes carbon and stainless steel tube components and fabricated products for exhaust systems, gas springs, fuel system components and injection molded plastic parts. Customers include mass retailers, distributors, OEM and Tier I manufacturers. The company is headquartered in Cleveland (www.crownegroupllc.com).
“We are extremely proud that Vari-Form not only weathered the global financial crisis, but has also emerged stronger than before,” said Brian Urbanek, Managing Director at Sun Capital. “Vari-Form’s technology leadership, commitment to innovation and consistent application of lean manufacturing have proven instrumental in the success of the company’s transition from a corporate division to a thriving independent business. These achievements underscore the potential that can be realized when a non-core business unit is given the opportunity to realize its true potential.”
Sun Capital invests in leveraged buyouts, equity, and debt in companies that can benefit from its in-house operating professionals and experience. Sun Capital has invested in and managed more than 335 companies worldwide with combined sales in excess of $45 billion since the firm’s inception in 1995. The firm has offices in Boca Raton, Los Angeles, and New York as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen (www.SunCapPart.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-15-15