December 10, 2012, Long Grove, IL: MAT Holdings, Inc., a global manufacturer and distributor of products in the automotive, hardware, and power equipment sectors, announces that its purchase of Ride Control, LLC from OpenGate Capital, LLC is finalized, effective today.
According to MAT Holdings CEO Steve Wang, "MAT is extremely excited about this acquisition. There are tremendous synergies between our businesses and this will position our company to uniquely serve the OE and aftermarket needs of the passenger and commercial vehicle segments for years to come."
Ride Control, LLC operates in both the aftermarket and original equipment manufacturer (commercial, industrial and recreational vehicle) segments under the Gabriel® (U.S. and Canada) and GRC® (Mexico) brand names. The company originated the world's first automotive shock absorber, "The Snubber," in 1907, and continues today to be a leader in the design, engineering, development and production of shock absorbers in North America. Ride Control, LLC generates more than $210 million in sales and has more than 1,400 employees in the U.S., Canada and Mexico. The company maintains engineering, design, manufacturing, warehouse, sales and management offices throughout North America including Troy, Michigan; Chickasha, Oklahoma; Brentwood, Tennessee; and Queretaro, Mexico. For additional information, please visit www.gabriel.com. The business was acquired by OpenGate Capital in 2009 and underwent significant operational improvements that led to increased sales and profitability.
About MAT Holdings
MAT Holdings, Inc. is a privately held company, founded in 1984, that has quickly grown as a respected global manufacturer, distributor and marketer of products in the automotive, fencing and hardware, and power equipment sectors. Headquartered in Long Grove, Illinois it has operations on three continents, including 2.1 million square feet of U.S. distribution and manufacturing space, and provides its customers with a full range of services including U.S. and overseas engineering, quality assurance, logistical and distribution support, strategic warehousing, bi-lingual sourcing, product development and marketing. For more information regarding MAT Holdings, Inc. and its family of companies go to click here.
About OpenGate Capital
OpenGate Capital, LLC is a global private investment firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, France and Sao Paulo, Brazil. OpenGate's seasoned team of professionals possesses the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 20 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates nearly $2 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com.
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