California-based private equity firm Markstone Capital Partners has acquired a controlling interest in Tomcar, the manufacturer of the Tomcar TM2, TM4 and TM5 off-road vehicles.
California-based private equity firm Markstone Capital Partners has acquired a controlling interest in Tomcar, the manufacturer of the Tomcar TM2, TM4 and TM5 off-road vehicles.
The Tomcar is a military-grade vehicle originally designed for military and border patrol use and now produced as a virtually indestructible commercial and recreational vehicle, available with a choice of petrol and diesel engines.
Markstone’s chairman, Elliott Broidy, will serve as chairman of Tomcar. He has appointed Tom McAlear, former chief operating officer of DaimlerChrysler Financial Services, as chief executive.
"I am excited about the opportunity and challenge of expanding Tomcar’s presence worldwide," McAlear says. "The history of Tomcar proves its superiority in performance, durability and safety. The company is poised for aggressive growth in a number of governmental, commercial and recreational channels."
Tomcar is based in Rochester Hills, Michigan with additional operations in Arizona and Israel, as well as strategic partnerships in Australia, Canada, and the UK.
McAlear has broadened the management team with additions that bring over 100 years of combined automotive, manufacturing and marketing experience to complement the existing leadership group.
In addition, Tomcar has partnered with German engineering firm, EDAG, to assemble vehicles on a new production line in Auburn Hills, Michigan to meet worldwide demand.
