Capital, Ltd ("Wynnchurch"), a leading middle
market private equity firm, announced the sale of Android
Industries, LLC ("Android") to a buyer group consortium principally led
by Mitsui & Co. (USA), Inc., Dundee Corporation, Rick Renaud and
management (the "Ownership Group"). The company will continue to be led
by the current executive management team. Terms of the transaction were
Headquartered in Auburn Hills, Michigan, Android has become the global
leader in outsourced complex modular assembly and sequencing for the
automotive industry, and related supply chain logistics. Today, Android
provides assembly services for a variety of chassis and interior
modules, including tire and wheel, engine, suspension, instrument panels
and consoles, across 16 plants in five countries. It also manages the
full logistics for over $8 billion in related annual material spend.
Frank Hayes, a partner at Wynnchurch, stated: "Android has led the
outsourcing of modular assembly by automotive OEM's through exceptional
execution, a focus on cost and technology leadership, and an innovative
spirit in everything they do. It's global leadership is a clear
reflection of management's dedicated philosophy of continuous
improvement and always providing best-in-class solutions to its
customers. We are proud to have partnered with the Android team during
this ascent over the last ten years and wish them continued success with
their new partners.
Jon Gregory, Android CEO, commented: "We wish to thank Wynnchurch for
their partnership throughout an explosive period of growth and change.
Their support in our investments in groundbreaking innovation and
building a global footprint, during a rather tumultuous time in the
automotive sector, was critical in our achieving the success we have
had. We appreciate their contributions and look forward to the next
phase of Android's global expansion with our new Ownership Group.
John Hatherly, Wynnchurch Managing Partner, added: "We are very pleased
with the final results of our Android investment and commend management
for their exceptional efforts during our long tenure together. This
marks the last portfolio holding to exit from our Fund I and has ensured
our inaugural fund remains a top performer."
Lazard & Company served as the financial advisor and Perkins Coie served
as the legal advisor to the Company.
Android is headquartered in Auburn Hills, MI with operations in Canada,
Spain, Mexico and Brazil. For more than 20 years, Android has assembled
and sequenced complex modules, having provided module assemblies for
over 100 million vehicle assemblies since 1990. Android’s team assembles
modules “ in vehicle sequence” to very tight delivery windows in tight
proximity to the customer or co-located on its campus. Further,
designing and fabricating its own tooling and equipment, Android sets
itself apart as an engineering-focused vertically-integrated assembler,
able to deliver the lowest possible cost solutions to customers. For
more information, please visit www.Android-Ind.com.
About Wynnchurch Capital:
Wynnchurch Capital, headquartered in the Chicago suburb of Rosemont,
Illinois with offices in Detroit, Toronto, and an affiliate office in
Montreal, was founded in 1999 and is a leading middle-market private
equity investment firm. Wynnchurch's strategy is to partner with middle
market companies in the United States and Canada which have outstanding
management teams and possess the potential for substantial growth and
profit improvement. Wynnchurch focuses on investments in niche
manufacturing, business and industrial services, energy and power
services, logistics, transportation and value-added distribution.
Wynnchurch manages a number of private equity funds with capital under
management in excess of $1 billion, specializing in management buyouts,
recapitalizations, corporate carve-outs, restructurings and growth
capital. For more information, please visit: www.wynnchurch.com.
Flanigan Communications, Inc.
Dyana K. Flanigan, 312.464.9668
Source: Wynnchurch Capital, Ltd