Accuride Corporation announced that it has completed the sale of substantially all of the assets of its Imperial Group (“Imperial”) business to Imperial Group Manufacturing, a new company formed and capitalized by Wynnchurch Capital (“Wynnchurch”) for total cash consideration of $30.0 million at closing, plus a contingent earn-out totaling up to $2.25 million.
With 2012 Net Sales of $135.1 million, Imperial Group fabricates truck body and chassis components for medium- and heavy-duty truck and bus manufacturers. Imperial had been an Accuride subsidiary since its acquisition in 2005, but did not fit the Company’s strategic focus on its wheel end systems solutions business.
“Completing the sale of Imperial Group to Wynnchurch demonstrates Accuride’s resolve to maximize the Company’s strategic focus, value and financial strength,” stated Rick Dauch, Accuride President and Chief Executive Officer. “A win-win for all parties involved, this transaction continues Accuride’s divestiture of non-core businesses and enables management to devote greater focus on strengthening the profitability of our core wheel end systems businesses. The proceeds from the sale will improve the Company’s liquidity and help fund future growth initiatives.”