Torque Capital announced that its investor group has completed the purchase of the North American and European light vehicle aftermarket business of Remy Inc. from BorgWarner Inc.
The business includes the North American light vehicle rotating electrical remanufacturing business, the North American power steering business (Maval Industries), and the European light and medium duty rotating electrical remanufacturing business.
Torque Capital also announced that the new Remy board of directors has elected David Nichols to the role of president of the North American company. Nichols previously served as the company’s general manager and senior vice president of sales.
Joseph Parzick, Torque Capital managing partner and chairman of the Remy board of directors said, “We are delighted to have Dave Nichols serve as president as we begin this new chapter in Remy’s history. Dave is well respected both inside the company and among our customers and is known as a seasoned, results-oriented, committed leader. His elevation to president is an affirmation of the role he was already performing as general manager of the aftermarket business since the acquisition of Remy by Borg Warner in November 2015.”
The North American rotating electrical business is a market leader in the remanufacturing of a full line of domestic and imported starters and alternators for passenger cars and light duty trucks. The company sells its products under the Remy name as well as a variety of private label brands in support of its customers. The company manufactures its products in San Luis Potosi, Mexico and Piedras Negras, Mexico and distributes them throughout the U.S., Canada and Mexico from its network of warehouses.
Maval is a market leader in the steering and suspension business, serving both aftermarket and original equipment customers from its facility in Twinsburg, Ohio.
Remy Europe is also a market leader in the remanufacturing of rotating electrical products for light and medium duty vehicles, utilizing an “all makes all models” approach to servicing its customers across Europe and North Africa. It manufactures its products in Miskolc, Hungary and Menzel Harb, Tunisia.
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