Innovative Technologies and Operational Efficiencies
Fueled Growth of Corporate Carve-Out’s Market Leadership
Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has completed the sale of its investment in Vari-Form, Inc. (“Vari-Form” or the “Company”), the industry-leading manufacturer of lightweight, hydroformed structural parts, to Crowne Group LLC. Terms of the private transaction were not disclosed.
Headquartered in Troy, Michigan, Vari-Form manufactures front end structures, cross members, roof rails, frame rails, instrument panel beams, radiator supports and engine cradles for pickup trucks, SUVs and light vehicles. The market for Vari-Form’s unique, patented processes continues to grow due to the significant benefits of hydroformed technology, including better fuel economy and better crashworthiness.
Since being acquired by a Sun Capital affiliate in 2007 as part of a carve-out of TI Automotive’s non-core Industrial Group, the Company has extended its market-leading position as an independent business. During the affiliate’s ownership period, a number of operations-focused initiatives were successfully implemented to navigate the global financial crisis and drive growth, including the adoption of lean manufacturing principles, diversification of the Company’s product and customer base, investment in new technologies and an expansion of sales and product development efforts with automotive manufacturers globally.
“As an independent business, Vari-Form has proven to be a highly innovative and resilient company whose industry-leading products and service have made an indelible mark on the automotive industry,” said Marc Leder, Co-CEO at Sun Capital. “We are confident that the advancements made since 2007 will deliver lasting value, and the Company will continue its upward trajectory under its new owner.”
“We are extremely proud that Vari-Form not only weathered the global financial crisis, but has also emerged stronger than before,” said Brian Urbanek, Managing Director at Sun Capital. “Vari-Form’s technology leadership, commitment to innovation and consistent application of lean manufacturing have proven instrumental in the success of the Company’s transition from a corporate division to a thriving independent business. These achievements underscore the potential that can be realized when a non-core business unit is given the opportunity to realize its true potential. We wish the Company continued success.”
Sun Capital Partners has significant experience in completing corporate carve-out transactions through current and former affiliated portfolio companies including Aclara, a vendor of Advanced Meter Infrastructure solutions; American Standard Brands, a manufacturer of a wide range of high quality kitchen and bath products; Emerald Performance Materials, a global producer and marketer of specialty chemicals for niche consumer and industrial end-markets; and Robertshaw, a design, engineering and manufacturing company that sells an extensive range of critical components and control systems.
About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemical, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 315 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, and Shenzhen. For more information, visit www.SunCapPart.com.