APC Automotive Technologies and APACE Holding Company announced that APACE has acquired APC’s emissions business unit (AP Emissions). Terms of the transaction were not disclosed.
Following a comprehensive strategic analysis, APC’s board of directors concluded this transaction maximizes the value of the AP Emissions business and will enable further growth and innovation into the future for the benefit of employees and the wider industry, according to the announcement.
Led by Vange Proimos, a veteran of the exhaust and emissions industry, APC says APACE is an ideal strategic acquirer for AP Emissions, which will continue to operate under its current name. Proimos’ customer relationships and proven management expertise, including as past owner, CEO and executive chairman of AP Emissions, will further enhance AP Emissions’ position and growth in the aftermarket space, enabling the business to better serve its customers and create expanded opportunities for its employees.
Proimos, who will lead AP Emissions following transaction close, has served AP Emissions as an active and engaged board member since Audax’s acquisition of the business in 2014. He continued his service to the business following the acquisition of Eastern Catalytic in 2015 and the formation of APC Automotive Technologies in May 2017 under the combined ownership of Audax and Harvest Partners, APC says.
“AP Emissions has a leading platform and a strong position in the aftermarket and I am excited to work again with its employees to grow the business further by providing high-quality service to customers,” says Proimos. “I am grateful to Tribby Warfield for her leadership and stewardship over the past 15 months and I look forward to continuing the commercial and operational growth initiatives she and her team have implemented at AP Emissions.”
Going forward, Centric Parts will operate as APC’s public-facing brand under Warfield’s leadership.
“Today’s announcement is the culmination of a year-long process through turbulent, uncertain times, but I could not be prouder of the team at AP Emissions that persevered and grew the business,” says Warfield. “Vange has the skills, experience and deep familiarity with the business to lead it into the future and I look forward to seeing it prosper under ownership that recognizes the heritage of the iconic brands within the AP Emissions portfolio of businesses.”
King & Spalding served as legal advisor to APC, and Weinsweig Advisors served as its financial advisor. Honigman served as legal advisor to APACE and Conway MacKenzie served as its financial advisor.