Crestview Adds to ATC Drivetrain

ATC Drivetrain, a portfolio company of Crestview Partners, has acquired ATP Automotive Transmission Remanufacturing Specialists and its related companies from ATP’s founder Alan Smart.

ATP is an independent remanufacturer of automatic transmissions, including torque converters and automated manual transmissions, electronics and mechatronics, as well as a manufacturer of diagnostics systems and a provider of related services.

ATP’s client base includes various European and global OEMs, and suppliers in Europe and North America. ATP was founded in 1969 and is headquartered near Birmingham in Cannock, UK with additional facilities in Guangzhou, China and Farmington Hills, MI (www.atp-group.com).

“April 2019 marks ATP’s 50th year in business and I felt it was an appropriate time to secure the next phase of ATP’s continued growth,” said Mr. Smart. “The exciting combination of ATC and ATP will allow for ATP to increase how we can serve our customers and secures the future of ATP’s employees, many of whom have over 30 years of service. I am confident that ATC is the right permanent home for my life’s work.”

ATC Drivetrain (ATC) is a remanufacturer of transmissions, engines, battery packs and related components for light-, medium- and heavy-duty vehicles. The company’s services include process and salvage engineering; warranty root cause analysis and testing; machining for repair and salvage of components; and recycling of non-reclaimable material. ATC Drivetrain serves automotive original equipment manufacturers for both in-warranty and aftermarket products and services. The company’s customers include Ford, Honda, Chrysler, GM, Allison, Subaru, Saab and others. ATC Drivetrain is led by CEO Greg Heald and is headquartered in Oklahoma City, OK (www.atcdrivetrain.com).

The buy of ATP is ATC’s first add-on acquisition since being acquired by Crestview in February 2018. “Since our acquisition of ATC in February 2018, ATC’s leadership team and board have been focused on pursuing global expansion and technology diversification in support of ATC’s customers’ needs,” said Alex Rose, a partner and co-head of industrials at Crestview. “The combination of ATC and ATP creates a company with over 130 years of global automotive remanufacturing experience which will expand ATC’s ability to provide products and service to the company’s growing customer base around the world.”

“The teams at ATC and our private equity sponsor Crestview Partners have a great deal of respect for Alan Smart and for the decades of hard work he has committed to building ATP as its founder and chairman,” said Mr. Heald. “We are excited to bring together these two companies which not only complement each other in the areas of technology, footprint and customer base, but also share common core values focused on providing market leading service to our customers, team members and shareholders.”

Crestview invests from $100 million to $250 million in companies with enterprise values up to $3 billion. Sectors of specific interest include media, industrials, energy and financial services. The firm will invest in other industries where its relationship network and senior operating capabilities provide an advantage.  Crestview, founded in 2004 and headquartered in New York, manages funds with over $9 billion of aggregate capital commitments (www.crestview.com).

© 2019 Private Equity Professional | May 10, 2019

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