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Platinum parts with American Racing after nine years through Wheel Pros exit to Audax

9 Jul 2014

Wheel ProsPlatinum Equity has exited its nine-year affiliation with American Racing after selling the company it merged it into, Wheel Pros, to Audax Private Equity.

The buyout house picked up American Racing in 2005 and made a series of add-on acquisitions before combining it with the newly-acquired Wheel Pros in 2008.

Wheel Pros designs and distributes high-performance wheels and tyres.

Platinum did not respond to a request for more information about the exit.

Firm principal Renee Koontz said, “Wheel Pros is a stable and successful business that has evolved into a market leader during our ownership.

“The company is well positioned for continued success.”

Platinum Equity is believed to be eyeing up to $2bn from a sale of rigid container maker BWAY after less than two years of ownership.

The firm bought BWAY from fellow private equity firm Madison Dearborn in October 2012 in a $1.24bn deal, and has met with banks to discuss a sale according to Reuters.

It cited people familiar with the matter, who said the process of finding a buyer was yet to begin.

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