Shield MandA sells Carlyle`s Flexible Lamps to US giant Penske for $40m
Released on = December 4, 2006, 4:27 am
Press Release Author = Shield Corporate Finance
Industry = Financial
Press Release Summary = BY ACQUIRING UK'S FLEXIBLE LAMPS, PENSKE CREATES THE WORLD'S LEADING COMMERCIAL VEHICLE LIGHTING COMPANY.
Major US automotive group United Components Inc. (UCI) (in the Carlyle portfolio) today announced the $40m sale of its UK subsidiary, Flexible Lamps to Truck-Lite Inc., a subsidiary of Penske Group, the major US automotive sales, leasing and racing group, founded by legendary American road-racer, Roger Penske, owner of Penske Racing. London-based international divestiture specialists Shield Corporate Finance served as financial advisor to UCI on the transaction.
Press Release Body = BY ACQUIRING UK'S FLEXIBLE LAMPS, PENSKE CREATES THE WORLD'S LEADING COMMERCIAL VEHICLE LIGHTING COMPANY.
Major US automotive group United Components Inc. (UCI) (in the Carlyle portfolio) today announced the $40m sale of its UK subsidiary, Flexible Lamps to Truck-Lite Inc., a subsidiary of Penske Group, the major US automotive sales, leasing and racing group, founded by legendary American road-racer, Roger Penske, owner of Penske Racing.
London-based international divestiture specialists Shield Corporate Finance served as financial advisor to UCI on the transaction. The deal was noteworthy not only for creating a global leader in lorry lighting, but also for securing the future of a UK business and its final salary pension fund. In a landmark transaction for the UK Pension Regulator, clearance was given to a strong strategic buyer without requiring a special contribution to the pension fund.
Keith Zar, General Counsel of UCI, said "This transaction will enable UCI to focus on its core North American aftermarket businesses. Shield did an outstanding job in representing us in the UK, running a global auction and securing a bright future for an excellent business".
David Young, MD at Shield Corporate Finance, said "This is a brilliant outcome for all involved: Carlyle's UCI can now focus on its core US operations, safe in the knowledge that the jewel of Flexible Lamps will continue to sparkle in its new global setting at Truck-Lite".
Flexible Lamps, famous for its 'Rubbolite' brand, is Europe's leading manufacturer of commercial vehicle lighting systems, supplying the likes of DaimlerChrysler, Volvo, Scania and Renault. The sale represents an endorsement of a UK business founded in 1924, whose early customers included W.O. Bentley and HRH Prince George.
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Editors Notes:
About Shield Corporate Finance:
Shield Corporate Finance is an M&A advisory firm specialising in international divestitures. Shield Corporate Finance differentiates itself through its dedication to the pursuit of remarkable results for sellers. In a world of financial advice driven by the interests of buyers, Shield Corporate Finance is unique in the way it defends the interests of sellers.
In addition to considerable expertise and success in handling sale execution mandates and the commercial aspects of contract negotiations, Shield Corporate Finance delivers unique consultancy services in sale preparation (the 'Sale Fitness Programme') and pre-sale value improvement (the 'Value Builder Programme').
Operating internationally as well as throughout the UK, Shield Corporate Finance has offices in London, Cambridge and Poole, representatives in Beijing and Johannesburg, and alliances with Soft Bank in Japan and Kingsway and Tianyi Securities in China. We work in English, German, French, Italian, Mandarin Chinese, Flemish and Afrikaans, preferring mother tongue communication with clients and counterparts whenever possible.
Our website, http://www.shield.uk.com, provides client references, including a video case study. Please contact us on +44 (0)20 7031 8265.
Sale - Sale Preparation - MBO Advice - Valuation - Acquisition - Negotiation Support - M&A Training
http://www.shield.uk.com/flexible_lamps_deal
About United Components Inc.:
United Components, Inc. is a leading designer, manufacturer and distributor of a broad range of filtration products, fuel and cooling systems products, engine management systems, driveline components and lighting systems, for the automotive, trucking, marine, mining, construction, agricultural and industrial markets.
UCI operates through an established network of manufacturing facilities, distribution centers and offices located throughout the United States, Europe, Canada, Mexico and China with a global work force of more than 6,600 employees.
Flexible Lamps Ltd. is a leading international supplier and manufacturer of quality heavy duty vehicle lighting equipment.
Flexible Lamps began in 1924 as the original patentee of rubber vehicles lights and has been a leading producer for the past 80 years under the trade name 'Rubbolite'. Early customers included W.O. Bentley and HRH Prince George of Hanover. http://www.ucinc.com http://www.flexible-lamps.co.uk
About Truck-Lite Co. Inc.
For 50 years, Truck-Lite Co., Inc has provided the highest in quality heavy duty lighting products and safety systems in the world. Combining unique ideas with advanced technology, Truck-Lite offers innovative and cost-effective products, and stands as the See & Be SeenŽ provider of the transportation industry.
A leading manufacturer of LED, sealed & bulb-replaceable safety lighting and accessories, harness systems, mirrors, forward and warning lighting, conspicuity products and point-of-purchase support, Truck-Lite continues to meet and exceed the highest industry standards. http://www.truck-lite.com
For further information, images or interviews, please contact Shield's David Young on 07980 235 964 or DY[at]shield.uk.com or Christian Olsen on 07920 179 021 or CO[at]shield.uk.com.
Web Site = http://www.shield.uk.com/flexible_lamps_deal
Contact Details = SHIELD CORPORATE FINANCE - The specialists in growing & selling businesses - with remarkable results
25 Floral Street, Covent Garden, London, WC2E 9DS, UK
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