Stackpole International, headquartered in Ontario, Canada, has been bought by New York based private equity firm Crestview Partners, along with CITIC Capital, a private equity firm based in China. Members of Stackpole’s management have also participated in the sale from current owners Sterling Group and Current Capital LLC, both US based private equity firms. Details of the deal were not disclosed
Stackpole is a manufacturer and supplier of highly engineered oil-pumps and powdered metal components to automotive original equipment manufacturers and tier 1 suppliers.
Peter Ballantyne will continue to lead Stackpole as President and CEO and as a member of the company’s board of directors. Joining Ballantyne on the board will be representatives from Crestview and CITIC, as well as two directors with significant global automotive industry experience, Sir Nick Scheele, former COO of Ford Motor Company, who will serve as the company’s new Chairman and Jason Luo, current Chief Executive Officer of automotive supplier Key Safety Systems.
Tom Murphy, Co-Founder of Crestview, stated “We are excited about partnering with management and veteran industry executives to help drive Stackpole’s next stage of growth. Peter and his team have done a tremendous job managing Stackpole, and the company is poised to expand internationally, capitalise on the increasing trend towards vehicle fuel-efficiency and continue its market leadership in the automotive supply industry.”
“We look forward to Stackpole’s exciting next chapter in partnership with Crestview and CITIC. We believe Crestview’s experience investing in and growing automotive companies, CITIC’s experience helping businesses like ours grow in China, and Sir Nick Scheele and Jason Luo’s breadth of global experience in the automotive industry, will add significant insight to the company in supporting our customers and executing on Stackpole’s future growth plans,” added Ballantyne.