Turnspire Capital Partners’ (Turnspire) newly formed company, Spectra Premium Mobility Solutions (Spectra) has acquired the assets of Spectra Premium Industries 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.
Headquartered in Boucherville, Quebec, Spectra is a designer, manufacturer and distributor of thermal and fluid management products for the OEM and aftermarket automotive, heavy-duty truck and industrial segments. Spectra has more than 700 employees and operates manufacturing facilities in Boucherville and Quebec City, a network of distribution centres throughout the United States and Canada and a research and development facility in Taiwan.
Turnspire also announced that Josh Gordon has joined Spectra as President and Chief Operating Officer. Gordon is a proven business leader with a successful track record in the automotive and consumer products industries. He will work closely with Spectra CEO Denis Chabot and the rest of the Company’s management team to drive operational excellence and strategic growth.
Ilya Koffman, Managing Partner of Turnspire, says: “Canada has always been a core market for Turnspire, and this acquisition is a perfect fit with our investment strategy. Spectra is a legendary brand in Canada and will benefit from our financial support as well as our strategic and operational resources. We are eager to get to work alongside Denis, Josh and Spectra’s talented management and employees in order to build on Spectra’s great platform and realise the tremendous opportunities in front of Spectra in both the aftermarket and OEM segments.”
Spectra Chief Executive Officer Denis Chabot adds: “We are thrilled to welcome Josh to the Spectra team and to begin a new era for Spectra with a strong balance sheet, a leading market position, a world-class workforce and an invigorated management team. We are all excited to partner with Turnspire, an operationally focused investment firm that has distinguished itself in transforming businesses in our industry.”
Miller Thomson LLP and Chapman and Cutler LLP acted as legal counsel to Turnspire with respect to the transaction.
