McHenry-based Brake Parts Inc. has been acquired by a group of investors led by Torque Capital Group, a New York based private equity firm. Terms of the acquisition were not announced.
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The brake system products manufacturer and supplier was spun off to its shareholders in November 2012 by its parent, Affinia Group Holdings, of Ann Arbor, Mich.
"Now that the deal has been completed, the BPI team along with our strategic partners are eager to move forward," said President and CEO David Overbeeke. "Brake Parts Inc has a strong heritage of leading the category in product quality and innovation, first to market applications and superior customer service."
Joseph Parzick, Managing Partner of Torque Capital Group said the investors were "particularly attracted to BPI's strong management team and their leading market position in the North American brake parts aftermarket.
" We are excited by the prospect of leveraging the Raybestos brand of brake products to drive international sales growth, particularly in Asia," Parzick added.
BPI recently completed a comprehensive restructuring of its global manufacturing footprint in best-cost countries investing in new world-class, state-of-the-art operations, incorporating lean manufacturing principles for optimum quality consistency and maximum productivity and efficiency, the company said in a release.
"We are in one of the most dynamic categories in the global automotive aftermarket," said Overbeeke. "We are dedicated to continuous improvement in everything we do, each and every day in order to meet the demands of our highly valued customers."