Accuride Corporation said Monday that it has completed the sale of substantially all of the assets of its Imperial Group business to Imperial Group Manufacturing, Inc., a company formed by Wynnchurch Capital, for $30 million.
Imperial Group fabricates truck body and chassis components for medium- and heavy-duty truck and bus manufacturers, and had been an Accuride subsidiary since its acquisition in 2005.
The company said Imperial did not fit its strategic focus on wheel end systems solutions business, which prompted the divesture.
“Completing the sale of Imperial Group to Wynnchurch demonstrates Accuride’s resolve to maximize the Company’s strategic focus, value and financial strength,” stated Rick Dauch, Accuride President and Chief Executive Officer. “A win-win for all parties involved, this transaction continues Accuride’s divestiture of non-core businesses and enables management to devote greater focus on strengthening the profitability of our core wheel end systems businesses. The proceeds from the sale will improve the Company’s liquidity and help fund future growth initiatives.”
Accuride and Wynnchurch Capital have a pre-existing relationship, with the latter having purchased Fabco Automotive business unit from Accuride two years ago.