Remy International Inc. announces that it has entered into a definitive agreement to acquire substantially all assets of Maval Manufacturing Inc., a Twinsburg, OH, manufacturer, remanufacturer and distributor of steering systems, components and specialty products to the automotive service, original equipment power sports, and off-road specialty vehicle markets.
The transaction is subject to customary closing conditions and the parties expect to close the transaction in the first quarter of 2015.
"We are continuing to expand our portfolio beyond our core rotating electrics products into high-quality multilines with growth potential," says Remy President and Chief Executive Officer Jay Pittas. "Maval is a perfect fit for us: a well-managed, resourceful, profitable company with quality products that can stand on its own. We can help them grow and increase their distribution."
Maval was the first independent remanufacturer to achieve a QS 9000 ranking for its steering products and is a global leader in off-road and classic car steering systems. Maval's quality, management talent and position in its markets made the company attractive to Remy, according to Pittas. Maval will retain its brand identities for its core products as well as the Unisteer and Wicked Bilt lines.
"This is the right strategic option for us and we are all excited to partner with Remy," comments John Dougherty, Jon Statler and Dale Lumby, the founders of Maval. "We want to continue to build on our organic growth and Remy gives us the capital base and the resources to further expand our existing platform. Remy is a respected global organization with strong engineering talent, exceptional management, outstanding supply chain and award-winning customer responsiveness."
"Maval is a strong company with great people," continues Pittas. "We're proud they are joining us. We are committed to leveraging our resources and experience to help them achieve their goals."
Maval was advised on the transaction by the investment-banking firm of BellMark Partners LLC and received legal advice from the law firm of Brouse McDowell.