Affiliates of Turnspire Capital Partners (Turnspire) are to acquire the assets of Spectra Premium Industries (Spectra).
Headquartered in Boucherville, Quebec, Spectra is a designer, manufacturer and distributor of thermal and fluid management metal-formed products for the automotive, heavy-duty truck and industrial markets. With over 700 employees, Spectra operates manufacturing facilities in Boucherville and Quebec City, as well as a network of distribution centers throughout the United States and Canada to serve its premier aftermarket and OEM customers.
The Company has filed sale motions to approve the sale to Turnspire pursuant to the Companies’ Creditors Arrangement Act (CCAA) Proceedings with the Quebec Superior Court and pursuant to the Chapter 15 Proceedings with the United States Bankruptcy Court for the District of Delaware.
The transaction includes all of Spectra’s assets in the United States and Canada as well as the stock of the Company’s Taiwanese subsidiary. All Spectra employees across its 14 locations will remain with the business.
Ilya Koffman, Managing Partner of Turnspire, says: “Spectra’s best-in-class engineering, and North American manufacturing and distribution capabilities position the Company as a supplier of choice to attractive automotive, commercial vehicle and industrial markets. The Turnspire acquisition will result in a strong balance sheet through the elimination of significant prior liabilities. Further, Spectra will benefit from our commitment to manufacturing excellence and access to significant strategic, operational and financial resources. We are excited to work with Spectra’s management team to build on the Company’s legacy of innovation and achieve profitable growth.”
Completion of the transaction is expected in the fourth quarter of 2021, following court approval and fulfilment of customary closing conditions.