The Original Gabriel (Ride Control, LLC), the originator of the world’s first automotive shock absorber in 1907 and a leading full-line supplier of light vehicle and heavy-duty OE and aftermarket shocks and struts, has announced that an agreement to change its ownership from OpenGate Capital, LLC to MAT Holdings, Inc., has been signed.
Ride Control has been a portfolio company of OpenGate Capital, LLC, a private investment and acquisition firm headquartered in Los Angeles, California since June of 2009.
MAT Holdings, Inc., a global manufacturer and distributor of products in the automotive, hardware, and power equipment sectors, has reached a definitive agreement with Auto Rider, LLC to purchase 100 percent of Ride Control, LLC. Final closing of the transaction is expected before December 31, 2012.
“In just three and a half years we’ve accomplished much: We’ve created a stable, stand-alone company, re-established the respect of an historical and admired brand, and transformed our business from an underperformer to a sustainable, growing business. Today, we have created yet another milestone for Gabriel, ourselves, and our collective future,” said Lisa Bahash, President of Ride Control, LLC.
“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,” said MAT Holdings CEO Steve Wang.
“Gabriel has enjoyed a very strong relationship with OpenGate Capital and the success and opportunities it afforded the company and brand. As we look forward, we are pleased with our new alliance with MAT Holdings, Inc. as we join a team of companies within the same industry,” continued Bahash.
Gabriel’s business fits into the existing set of MAT companies providing a unique product line along with the strength of a well-known and respected brand.
“We are excited by the future potential for growth and expansion and we look forward to a long and mutually beneficial relationship with MAT Holdings, Inc.,” concluded Bahash.