By a News Reporter-Staff News Editor at Investment Weekly News -- Wynnchurch 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 not disclosed.
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."
Keywords for this news article include: Automobiles, Transportation, Investment and Finance, Wynnchurch Capital Ltd.
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