Automotive parts remanufacturer Cardone Industries has signed definitive agreements to sell its North American operations to TPG Capital, L.P., a global private investment firm.
Following the transaction, TPG will become the controlling shareholder and will work with the Cardone family and executive team to continue the company’s growth.
The transaction is expected to close at the end 2011. Terms of the transaction were not disclosed.
“The remanufactured automotive parts industry is as strong as it has ever been and Cardone experienced the best sales year in the company’s history in 2010,” said Michael Cardone, Jr., chairman and CEO of Cardone Industries. “Our dynamic growth and the increased demand for our products have presented Cardone with business opportunities on a scale that we have never experienced before.”
He said the company has explored a variety of options that would provide the company with an influx of capital to accelerate expansion and invest in the future growth of the company.
“The acquisition of Cardone by TPG will strengthen our position to pursue new product lines and further enhance our competitiveness within the industry,” he said.
Cardone Industries was founded in 1970, and is headquartered in Philadelphia, Penn.The automotive parts remanufacturer now has operations in five countries and employs 6,000 people.