MAT Holdings, Inc. Signs Agreement to Acquire Gabriel® Shocks to Bolster Its Automotive Offering
Long Grove, IL, November 01, 2012 --(PR.com)-- MAT Holdings, Inc., a global manufacturer and distributor of products in the automotive, hardware, and power equipment sectors, announces it has reached a definitive agreement with OpenGate Capital, LLC, a private investment and acquisition firm in Los Angeles, CA and its portfolio company, Auto Rider, LLC to purchase 100% of Ride Control, LLC. Final closing of the transaction is expected before December 31, 2012.
Ride Control, LLC manufactures vehicle shock absorbers in both the aftermarket and original equipment segments under the Gabriel® (U.S. and Canada) and GRC® (Mexico) brand names. Ride Control LLC generates more than $200 million in sales and has over 1,300 employees in the U.S., Canada and Mexico. The company originated the world’s first automotive shock absorber, “The Snubber,” in 1907, and continues today to be a leader in the design, engineering, development and production of shock absorbers in North America. Ride Control maintains engineering, design, manufacturing, warehouse, sales, and management offices within North America including Troy, Michigan; Chickasha, Oklahoma; Brentwood, Tennessee; and Querétaro, Mexico. The business was acquired by OpenGate Capital in 2009 and underwent significant operational improvements that led to increased sales and profitability.
According to MAT Holdings CEO Steve Wang, “MAT is extremely excited about this acquisition. There are tremendous synergies between our businesses and this will position our company to uniquely serve the OE and aftermarket needs of the passenger and commercial vehicle segments for years to come.”
About MAT Holdings, Inc.
MAT Holdings, Inc. is a privately held company, founded in 1984, that has quickly grown as a respected global manufacturer, distributor and marketer of products in the automotive, fencing and hardware, and power equipment sectors. Headquartered in Long Grove, Illinois it has operations on three continents, including 2.1 million square feet of U.S. distribution and manufacturing space, and provides its customers with a full range of services including U.S. and overseas engineering, quality assurance, logistical and distribution support, strategic warehousing, bi-lingual sourcing, product development and marketing. For more information regarding MAT Holdings, Inc. and its family of companies go to www.mat-holdings.com.
About OpenGate Capital
OpenGate Capital, LLC is a global private investment firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France and São Paulo, Brazil. OpenGate’s seasoned team of professionals possesses the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 20 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $2 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com.
MAT Holdings Contact
Bob Craig
bob.craig@matholdingsinc.com
1 (847) 383-8595
OpenGate Capital Media Contact
Alanna Chaffin
achaffin@opengatecapital.com
1 (301) 432-7000
Ride Control, LLC manufactures vehicle shock absorbers in both the aftermarket and original equipment segments under the Gabriel® (U.S. and Canada) and GRC® (Mexico) brand names. Ride Control LLC generates more than $200 million in sales and has over 1,300 employees in the U.S., Canada and Mexico. The company originated the world’s first automotive shock absorber, “The Snubber,” in 1907, and continues today to be a leader in the design, engineering, development and production of shock absorbers in North America. Ride Control maintains engineering, design, manufacturing, warehouse, sales, and management offices within North America including Troy, Michigan; Chickasha, Oklahoma; Brentwood, Tennessee; and Querétaro, Mexico. The business was acquired by OpenGate Capital in 2009 and underwent significant operational improvements that led to increased sales and profitability.
According to MAT Holdings CEO Steve Wang, “MAT is extremely excited about this acquisition. There are tremendous synergies between our businesses and this will position our company to uniquely serve the OE and aftermarket needs of the passenger and commercial vehicle segments for years to come.”
About MAT Holdings, Inc.
MAT Holdings, Inc. is a privately held company, founded in 1984, that has quickly grown as a respected global manufacturer, distributor and marketer of products in the automotive, fencing and hardware, and power equipment sectors. Headquartered in Long Grove, Illinois it has operations on three continents, including 2.1 million square feet of U.S. distribution and manufacturing space, and provides its customers with a full range of services including U.S. and overseas engineering, quality assurance, logistical and distribution support, strategic warehousing, bi-lingual sourcing, product development and marketing. For more information regarding MAT Holdings, Inc. and its family of companies go to www.mat-holdings.com.
About OpenGate Capital
OpenGate Capital, LLC is a global private investment firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France and São Paulo, Brazil. OpenGate’s seasoned team of professionals possesses the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 20 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $2 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com.
MAT Holdings Contact
Bob Craig
bob.craig@matholdingsinc.com
1 (847) 383-8595
OpenGate Capital Media Contact
Alanna Chaffin
achaffin@opengatecapital.com
1 (301) 432-7000
Contact
MAT Holdings Inc.
Bob Craig
847-383-8595
www.matholdingsinc.com
Bob Craig
847-383-8595
www.matholdingsinc.com
Contact
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