|By PR Newswire||
|March 3, 2014 02:00 PM EST||
CLEVELAND, March 3, 2014 /PRNewswire/ -- Transtar Industries, Inc., owner of automotive aftermarket brands including Transtar, Transtar Autobody Technologies, King-O-Matic, Axiom and Nickels Performance today announced it has acquired ETX, Inc. from Chicago-based privately held Jordan Industries and private equity firm The Edgewater Funds. ETX owns DACCO, Inc., a Cookeville, Tenn. supplier of aftermarket transmission replacement parts, torque converters and complete transmissions; Alma Products, an Alma, Mich. manufacturer of torque converters and air conditioning compressors; and ATCO Products, Inc., a Ferris, Texas manufacturer of OE air conditioning, cooling and power steering assemblies and components. Terms of the sale were not disclosed.
"This acquisition brings together the DACCO and Transtar brands in a historic partnership that will create unsurpassed customer value and an even stronger future for both our companies," said Tim Bowes, President and Chief Executive Officer of Transtar Industries. "DACCO's employees have built significant customer and distributor relationships in this industry, and their reputation is built on an impressive legacy of service, technical expertise and company-wide best practices."
"Alma and ATCO are a strategic complement that expands our overall automotive portfolio in the OE and aftermarket channels, along with Transtar Autobody Technologies, our existing paint, body and equipment business," stated Bowes.
Alan Gatlin, President and CEO of ETX, said "We are extremely pleased to become part of Transtar Industries, and look forward to continuing to serve our customers in the automotive industry." Alma and its 250+ employees have supplied Ford, John Deere, CNH and many other customers with air conditioning compressors, torque converters, clutch and disc assemblies, and transmissions for over 70 years. ATCO and its 200+ employees have supplied Ford, Paccar/Dynacraft, Navistar and other customers with air conditioning, cooling and power steering assemblies and components since 1967. Gatlin will lead the Alma and ATCO businesses as President and General Manager, and will report to Bowes.
Harry Schmink, President and General Manager of DACCO said, "Transtar shares our core values around integrity, respect, responsibility and pride. It is exciting to join forces with their team, who demonstrate the same focus on customer service that our DACCO employees deliver every day. Together, our service, product expertise and our unrivalled range of high-quality transmission parts and repair solutions will be a win for our customers." In business since 1968, DACCO has 47 stores in 26 states, and 500+ employees in sales and manufacturing. Schmink will lead domestic sales and marketing for Transtar as Vice President of Sales and Marketing, and will report to Bowes.
With this acquisition, Transtar Industries grows to approximately 2,300 employees and over 130 locations throughout North America. "This acquisition will let us leverage the power of our combined businesses to enhance our capability as the complete aftermarket transmission solutions provider, and also expand into OE product offerings," stated Bowes.
Transtar Industries, Inc. is a worldwide manufacturer and distributor of quality driveline parts and services to the motor vehicle replacement parts industry; its Transtar brand is the leading distributor of world-class transmission solutions including automatic and standard transmission units, rebuilder kits and components, Recon™ remanufactured torque converters and hard parts, and other driveline solutions. Founded in 1975, the Transtar portfolio has ~2,300 employees and a distribution network of more than 130 locations in the USA, Canada and Puerto Rico. It also has an international division that serves a global network of aftermarket automotive distributors in 80 countries. www.transtar1.com.
Alma, Michigan-based ETX, Inc. was formed in 2006 as the holding company for the automotive companies DACCO, Inc., Alma Products, Inc. and ATCO, Inc. The DACCO brand is a national distributor of hard parts, complete transmissions, remanufactured torque converters and soft parts with over 45 years of continuous service in the transmission parts business.
SOURCE Transtar Industries, Inc.
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