Special situations-focused private equity house Turnspire Capital has picked up the assets of automobile metal components business MPI.
The company, which was founded in 1969, is a Tier 1 supplier of high-precision, fineblanked metal components for engines, chassis, axles, exhausts, transmissions and seating.
Its automotive customers include several large original equipment manufacturers and global Tier 1 automotive suppliers, Turnspire said.
Abel Osorio, a partner at Turnspire said, “MPI is conservatively capitalized, with ample resources to invest in transformative process improvements, R&D, significant organic growth and to fund strategic acquisitions.
“MPI remains committed to providing current and future customers with world-class product quality and customer service.”
Turnspire targets business with enterprise values of up to $125m, with either positive or negative EBITDA and revenues of between $50m and $400m.
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