For Release: IMMEDIATELY
DRIVESOL WORLDWIDE ACQUIRES WABASH TECHNOLOGIES, INC.
Acquisition provides advanced sensor technolgoies and expands global manufacturing footprint, customer base, and product portfolio.
DriveSol Worldwide Holding Corp., (“DriveSol”), an affiliate of Sun Capital Partners, Inc. and owner of DriveSol Worldwide, Inc., announced today that it has acquired Wabash Technologies Inc. (“Wabash”). Wabash is a leading global designer and manufacturer of a broad range of custom designed sensors and actuators, which include pedal position sensors, throttle/ETC position sensors, engine timing sensors, rotary/linear position sensors, and fuel injection stators/actuators for gas and diesel power-train markets. Currently, Wabash produces over 20 million sensors and over five million fuel injection stators/actuators annually for a customer base which includes all major OEMs, as well as leading Tier I systems suppliers serving the automotive, heavy vehicle, agriculture, construction, and off-highway global markets. Terms of the acquisition were not disclosed.
Mark Simon, President and CEO of DriveSol Worldwide Holding Corp., said, “The acquisition of Wabash is another step forward in implementing DriveSol’s long-range strategy of becoming a global leader in electro-mechanical driver control assemblies and sensor and actuation products. This acquisition also reinforces our long-term commitment as a key supplier to the automotive and industrial markets.”
Simon adds, “Automotive mechanical controls are moving rapidly toward broader use of electronic “by-wire” technologies and advanced sensors are a vital part of those vehicle systems. We also know that being an effective and innovative supplier includes providing a level of proprietary capability that the competitive world of today’s OEMs require. Having Wabash’s product line and electronic expertise will enhance our global engineering and development capability to provide multi-faceted benefits for current products as well as future advanced driver-control components and systems.”
Simon explains further, “Wabash offers an exceptional portfolio of advanced technology solutions for speed sensing, position sensing, and fuel injector actuation and has developed a proprietary application specific integrated circuit (“ASIC”) providing a new level of customized functionality for active sensor applications. Core to our strategy is that Wabash will continue to operate its business independently, maintaining and strengthening its well-established customer relationships.”
Joe Gonnella, President and CEO of Wabash Technologies, states, “This business combination will deliver significantly higher added-value to our shared customer base. Highly synergistic product technologies provide us with a unique capability to design innovative electro-mechanical products and systems that fully integrate electronic controls into related mechanical functions. Furthermore, our expanded manufacturing footprint, including low-cost sites in all major automotive markets, positions us to be globally competitive across all product lines”.
Wabash Technologies has manufacturing facilities in Mexicali, Mexico; Krakovany, Slovakia; and Huntington, Indiana where it also has a global design and process-engineering center. In addition, Wabash has dedicated sales and program management offices in Detroit and Swindon, U.K.Wabash has an experienced workforce of approximately 1,000 employees worldwide.
About DriveSol Worldwide, Inc.
DriveSol Worldwide Inc. is a global market leader in the design and supply of electro-mechanical pedal assemblies and steering columns/intermediate shafts to global automotive and industrial OEM’s. DriveSol is headquartered in Troy, Michigan and employees approximately 1,600 employees located in manufacturing and technical facilities throughout North America, Europe, South America, and Asia.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 165 companies worldwide with combined sales in excess of $35.0 billion. Sun Capital has offices in Boca Raton, Los Angeles, New York, and affiliates with offices in London, Shenzhen, and Tokyo.