NEW YORK, Jan. 16, 2020 /PRNewswire/ -- Turnspire Capital Partners LLC ("Turnspire"), a special situations-focused private equity firm, announced today that, through an affiliate, it has acquired the assets of MPI Holdings, LLC ("MPI" or the "Company").
NEW YORK, Jan. 16, 2020 /PRNewswire/ -- Turnspire Capital Partners LLC ("Turnspire"), a special situations-focused private equity firm, announced today that, through an affiliate, it has acquired the assets of MPI Holdings, LLC ("MPI" or the "Company"). Turnspire also announced that Trevor Myers, an accomplished and respected automotive executive and a Turnspire Executive in Residence, has been appointed President and Chief Executive Officer of MPI.
Founded in 1969, MPI is North America's leading Tier 1 supplier of high-precision, fineblanked metal components, and is a leader in safety and mission-critical automotive and industrial parts. Across five strategically located plants in the U.S. and México, MPI's product portfolio is comprised of highly engineered metal components with unparalleled dimensional accuracy and dependability in critical applications. MPI's automotive customers include several large original equipment manufacturers and global Tier 1 automotive suppliers.
Turnspire Partner Abel S. Osorio said, "We are excited to bring MPI's world-class fineblanking capabilities, well-positioned facilities and highly skilled workforce into the Turnspire portfolio. 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."
Mr. Myers said, "I'm honored to join such a storied and remarkable company. Over decades MPI has established itself as the leading supplier of formed metal products in the North America automotive industry with a persistent focus on quality and customer service. Turnspire's operational support and strategic guidance will enable MPI to better serve both new and existing markets while rapidly expanding into adjacent markets that benefit from fineblanked processes."
"Turnspire relentlessly seeks opportunities where we are uniquely positioned to collaborate with our Executives in Residence and network of operating experts to create the most value, and we are thrilled to acquire MPI and bring in an executive of Trevor's caliber as CEO," said Turnspire's Managing Partner Ilya Koffman. "I have known Trevor for well over a decade and have seen him drive domestic and international growth, customer diversification and substantial operational improvements."
Mr. Myers previously served as President and CEO of Cloyes Gear from 1997 to 2017. He was a member of the Board of Directors of Cloyes, HHI Holdings, Automotive Aftermarket Suppliers Association, National Engine Parts Manufacturers Association and NAPA Supplier Council. Mr. Myers has a Bachelor of Science degree from the University of Michigan.
Chapman & Cutler LLP served as legal counsel to Turnspire.
Houlihan Lokey Capital, Inc. served as the exclusive financial advisor to MPI Holdings, LLC. Haynes and Boone, LLP served as legal counsel to MPI Holdings, LLC.
MPI is North America's leading manufacturer of high-precision, fineblanked metal components for mission-critical and safety-critical automotive and industrial applications. Fineblanking is a dual-pressure stamping process for cutting, shaping and machining of highly engineered metal components that produces parts with uniform flatness, unparalleled dimensional accuracy, and near-net finish. The process is ideal for manufacturing geometrically-complex automotive components. In addition, MPI has a wide variety of inhouse secondary operations and light assembly capabilities to provide a turnkey solution to global customers. MPI's high quality parts are critical to the following automotive systems: engine, chassis, axles, exhaust, transmission and seating. MPI also offers unique solutions to the complex and micro fineblanking needs of the medical and industrial markets. For additional information, please visit www.mpiproducts.com.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire's investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niches, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
SOURCE Turnspire Capital Partners LLC