SunTx Capital Partners has sold its portfolio company, Huron, to a financial sponsor.
Financial terms of the transaction have not been disclosed.
Huron, based in Lexington, Michigan, is a supplier of value-added tubular assemblies and precision machined products for the automotive industry. Originally founded in 1943, Huron uses advanced technologies and state-of-the-art systems to engineer and manufacture a diverse variety of customised products for the automotive industry.
Ned Fleming, founder and managing partner of SunTx, says: "Today’s announcement marks an important milestone for all parties involved. The sale of Huron is a validation of our firm’s investment strategy of seeing value in mid-sized operating companies where others do not and patiently working with management to build a better company for its stakeholders, while creating value for our investors. SunTx has enjoyed supporting Huron’s successful transition from a supplier of commodity components to a supplier of strategic products to many of the auto industry’s biggest names. We have been an investor in Huron since 2005 and we wish the company continued success."
Bob Bales, president of Huron, says: "Huron is clearly an industry survivor and is well-positioned to continue growing the business. We sincerely thank Ned Fleming and the SunTx team for their support, particularly during the automotive industry’s most challenging economic times. SunTx has been an excellent partner; they encouraged us to think broadly and creatively and helped us strategically position the company. Their input complemented our operational acumen."
Donnelly Penman & Partners served as financial adviser and Haynes and Boone served as legal counsel to SunTx with respect to the transaction.
