American private equity firm Crestview Partners and Chinese CITIC Capital have purchased Canadian automotive equipment company Stackpole International from Sterling Group and Current Capital.
Stackpole is an automotive original equipment manufacturer and tier 1 suppliers of critical, highly engineered transmission and engine oil pumps and powder metal components for automotive powertrains.
It has manufacturing operations across the globe including North America, Europe and Asia.
Stackpole International president, CEO and board member Peter Ballantyne will retain his position. Ballantyne will be joined by representatives from Crestview and CITIC board and other two directors.
Ballantyne said: "We believe Crestview's experience investing in and growing automotive companies, CITIC's experience helping businesses like ours grow in China, and Sir Nick Scheele and Jason Luo's breadth of global experience in the automotive industry, will add significant insight to the company in supporting our customers and executing on Stackpole's future growth plans."
