Component supplier Accuride has entered into an agreement to be acquired by Crestview Partners, a New York-based private equity firm.
Accuride’s board of directors unanimously approved the Crestview buy out and agreed to recommend that shareholders should vote to adopt the merger agreement. The company will be given a customary 35 day period during which it is allowed to solicit alternative proposals. The acquisition is expected to close in the fourth quarter of 2016.
Accuride will operate as an independent business within Crestview’s portfolio of companies. Accuride also recently sold Brillion Iron Works, a subsidiary of Metaldyne Performance Group, a provider of powertrain and suspension components.
“Accuride will serve as a platform for further growth and consolidation in the global wheels and wheel-end sectors as we expand to serve our customers’ needs worldwide,” said Rick Dauch, president and CEO of Accuride. “We are confident that under Crestview’s stewardship, Accuride will receive the resources and support needed to realize our vision of becoming the premier supplier of wheel-end system solutions to the global commercial vehicle industry.”