The Carlyle Group has acquired AxleTech International, a company it previously owned from 2005 to 2008.
Terms of the transaction, which closed this week, were not disclosed.
Mary Petrovich, CEO of AxleTech from 2002-2011, will rejoin the firm as Executive Chairman. Joe Mejaly, who joined the business in May 2014 as General Manager, will become CEO under Carlyle’s ownership.
“In partnership with Mary and Joe we will help AxleTech grow its market share through a relentless commitment to innovation, quality and service,” says Carlyle Managing Director Adam Glucksman. “We are delighted Mary is rejoining the firm as Executive Chairman. She is a remarkable leader with a track record of value creation for her customers and our investors.”
“AxleTech has a rich 100-year history that offers its customers a broad portfolio of products, extensive market expertise and talented employees,” adds Petrovich “I am eager to work with Joe, who brings a wealth of experience in off- and on-highway products, with strong skills in the aftermarket. Joe will drive the business to ensure satisfied customers with a singular perspective committed to its unique markets and capabilities.”