Private equity firm Eigen Capital’s portfolio company Plews, Inc, has completed the acquisition of Solon, OH-based Omega Hose Manufacturing Inc, a subsidiary of ATSCO Remanufacturing Inc. of Phoenix, AZ.
Eigen Capital closed the acquisition of Plews, Inc less than six months ago, and the acquisition of Omega Hose Manufacturing is the first strategic acquisition completed by Plews. Terms of the sale have not been disclosed.
The acquisition is expected to be meaningfully value-accretive to Plews’s customers, who will see an immediate enhancement of Plews’ SKU coverage of aftermarket power steering hoses; the consolidation of Omega is also expected to allow faster introduction of new applications in the aftermarket power steering segment. Steve Venghaus, President of Plews, commented managers of Plews were: “thrilled with the acquisition, which we had unsuccessfully pursued 3 years ago. Under our new ownership, we are strongly encouraged to grow the business through strategic acquisitions, and are given the means to do so.”
Brian Duffy and Christophe Mallard, two of Eigen Capital’s partners, were closely involved in the transaction and worked alongside Plews’s management team to bring the acquisition to a close. Dale Eaton, President of ATSCO Remanufacturing Inc. observed: “the process of selling a business is never easy, but the teams at Eigen Capital and Plews were fair and transparent through and through. We feel Omega is in good hands.”
“This transaction is a fantastic opportunity for Omega and for Plews,” says Curtis Jennings, who was running Omega under ATSCO’s ownership, and has been appointed Managing Director of the Automotive Replacement Parts business at Plews. “We now have the opportunity to offer a broader range of SKUs and to aggressively increase the development of new applications which will benefit our after-market customers. Also, our growth plans will result in the creation of American jobs in Ohio this year.”
