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Navistar Sells Diesel Fuel Injection Specialist Pure Power Technologies.

MANews-(C)2009-2016

4 February 2016 - US-based diesel fuel injection system provider Pure Power Technologies has been acquired from US-based truck manufacturer Navistar, Inc. by an investment team whose principals include the UK-based investor firm Smithfield Group and US-based automotive and business investor Kensington Capital Partners, the company said.

Navistar will continue to be a major customer, as PPT will be the truck company's primary supplier of high-performance diesel fuel-injection systems through a ten-year supply agreement for exclusive supply of its existing product portfolio.

Headquartered in Blythewood, South Carolina, Pure Power Technologies is an independent supplier of diesel fuel-injection systems to OEMs and the aftermarket.

Headquartered in London, with a team of executives from three continents, Smithfield Group LLP is an investor in international businesses with a particular focus on driving strategic and operational change in companies operating in the industrial, energy and services sectors. Smithfield partners have delivered strong returns, generating more than USD1bn for investors.

Kensington Capital Partners, LLC, is an investor in automotive and industrial businesses. With more than 25 years of engineering, M/A, financing and restructuring experience, Kensington is an automotive-industry thought leader that provides non-conflicted advice to investors and management.

The firm, headquartered in New York City, offers services including investment development, board representation and strategic advisory. The firm also publishes The Motor Weekly.

Navistar is makes commercial trucks, buses, defense vehicles and engines based in Springfield, Ohio.

Country: USA

Sector: Motor Vehicles

Target: Pure Power Technologies

Buyer: Smithfield Group, Kensington Capital

Vendor: Navistar, Inc

Deal size in USD:

Type: Divestment

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Date:Feb 4, 2016
Words:270
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