Automotive Acquisitions in Michigan

MiddleGround Capital has acquired Pi Innovo from Dana Incorporated and will integrate the company into its portfolio platform, New Eagle. Pi Innovo, headquartered near Detroit, Michigan, develops open-platform electronic control units (ECUs) and embedded control software for electrification, clean-fuel and specialty mobility applications; the deal expands New Eagle's hardware and software controls capabilities across automotive, commercial vehicle and aerospace/defense end markets.

Rapson Performance Group has acquired Clinton Township, Michigan-based Katech Engineering from Enginuity Power Systems. The deal transfers ownership of the high-performance engine and vehicle builder to Rapson, which said the acquisition will expand Katech's product and service offerings, accelerate engineering and development, and strengthen its presence in motorsports and performance markets.

Golling Automotive Group, led by Bill Golling, has acquired Mark Chevrolet in Wayne, Michigan from owner Charles Cabana. Performance Brokerage Services advised on the transaction; the store will be renamed Golling Chevrolet as Golling expands its footprint in the Detroit market.

Wesco Group LLC has acquired DealerShop's Paint Distribution Division, expanding Wesco's paint, body and equipment (PBE) distribution footprint across the U.S. The deal transfers DealerShop's paint distribution team and customers to Wesco, strengthening its service capabilities and reinforcing its position as a leading privately held PBE distributor.

Cox Automotive has acquired the remaining 50% stake in Alliance Inspection Management (AiM) from Nissan Motor Acceptance Corp., giving Cox full ownership of AiM. The move integrates roughly 700 AiM employees into Cox Automotive and expands Manheim's off-site inspection capabilities, bolstering off-lease inspection scale and deploying ~300 additional inspectors to dealer lots nationwide.

Zeigler Auto Group has purchased the Jeep franchise located at 3718 Stadium Drive from LaFontaine Auto Group and will relocate the operation to Zeigler's headquarters at 4201 Stadium Drive. The acquired dealership will be renamed Zeigler Chrysler Dodge Jeep RAM of Kalamazoo, consolidating Stellantis brand offerings under one roof to provide a streamlined customer experience.

ABC Technologies completed its acquisition of TI Fluid Systems plc for an enterprise value of over £1.8 billion and the combined business will rebrand as TI Automotive. The deal creates a larger, propulsion‑agnostic Tier 1 supplier with combined pro forma revenue of $5.4 billion and ~34,600 employees, and the combined business will be majority owned by funds affiliated with Apollo Global Management with Oaktree Capital holding a minority interest.

Golling Automotive Group has purchased Ray Laethem Chrysler Dodge Jeep Ram in Detroit, Michigan from owner Jeff Laethem. The dealership will be renamed Golling Chrysler Dodge Jeep Ram of Grosse Pointe and remain at 18001 Mack Avenue; Performance Brokerage Services served as exclusive sell-side advisor.

AURELIUS Private Equity Mid‑Market Buyout has acquired Teijin Automotive Technologies North America (TAT‑NA) from Japanese parent Teijin Limited. Headquartered in Auburn Hills, Michigan, TAT‑NA is a leading manufacturer of advanced composite components for automotive, heavy truck, marine and recreational vehicle markets; the business employs ~4,500 people across 14 sites in the US and Mexico and generates over $1 billion in annual revenue.

Atlas Holdings has agreed to acquire SRG Global from Guardian Industries and has also acquired REHAU Automotive from the REHAU Group, combining the two businesses to form RESRG Automotive. Terms were not disclosed; the transactions create a global platform for coated exterior systems and components and are expected to enhance capability and scale across SRG's and REHAU's footprints.

Jax Kar Wash, Michigan’s largest car wash operator and a TRP Capital Partners-backed platform, has acquired Clean View Auto Wash, a five-location car wash operator based in Chesterfield, Michigan. The transaction serves as an add-on to Jax’s regional platform to expand its Michigan footprint and consolidate market share; Car Wash Advisory acted as exclusive sell-side advisor.

CollisionRight has acquired Tripp's Collision Centers, a three-location collision repair operator in central Michigan founded in 1988 by Phil and Barb Tripp. The transaction is an add-on to CollisionRight’s PE-backed rollup (majority-backed by Summit Partners) and brings CollisionRight to its 100th location; owner Phil Tripp exits while Jeremy Tripp will remain with CollisionRight.

Germany-based OKE Group GmbH and its U.S. subsidiary OKE USA Holding, Inc. acquired Polymerica Limited Company d/b/a Global Enterprises, a Detroit-headquartered plastics manufacturer of automotive interior parts. The acquisition gives OKE a footprint in North America and additional manufacturing capacity in eastern Europe; Global Enterprises operates facilities in Detroit, El Paso (TX), Juarez (Mexico) and Ploiești (Romania).

Penske Automotive Group has acquired Bill Brown Ford, a longtime Ford dealership located in Livonia, Michigan, expanding Penske’s North American retail footprint in the Midwest. The acquisition includes more than 200,000 square feet of facilities across 29 acres (dealership, pre-owned facility, fleet maintenance and collision center) and is expected to add about $550 million in estimated annualized revenue.

Serra Automotive, a privately-held retail automotive group, has acquired Marsh Automotive Group, a Traverse City, Michigan-based new and used car dealer operating eight franchises and multiple ancillary businesses. The deal continues Marsh’s legacy under Serra’s broader dealer network and was advised by FOCUS Investment Banking; the Marsh family sold the business to Serra citing cultural alignment.

AB Dynamics plc has acquired Venshure Test Services, a Chelsea, Michigan-based vehicle testing services provider specializing in dynamometer and thermal testing for EVs, ICE vehicles, and advanced powertrains. Greenwich Capital Group acted as exclusive financial advisor to Venshure on the sale, which expands AB Dynamics’ lab and testing capabilities and strengthens its presence in the United States.

Ansys has entered into a definitive agreement to acquire a minority ownership interest in Humanetics from Bridgepoint, deepening an existing partnership to better integrate Humanetics’ physical safety systems and digital models with Ansys’ simulation portfolio. The deal aims to accelerate development of digital-twin-enabled human safety solutions for the automotive industry and other end markets, subject to customary closing conditions and regulatory approvals.

American Industrial Partners Capital Fund VII (AIP Fund VII) has acquired Veoneer’s Restraint Control Systems business from SSW Partners LP. The transaction, announced December 6, 2023 and completed March 1, 2024, completes the disposition of Veoneer’s original business lines and provides a standalone platform for long-term growth under AIP ownership.

MPE Partners announced that its newly formed Appearance Technology Group (ATG) has acquired RBL Products and Kwik Paint Products. The add-on expands ATG's branded portfolio of vehicle detailing, masking and paint-preparation consumables, and was completed in partnership with RBL's founder Ron Lipson and management.

Turbo Wholesale Tires, backed by Kingswood Capital Management, has completed the acquisition of Tire Wholesalers Inc. (TWI), a Michigan-based independent tire distributor. The Kogel family joined as partial owners, with TWI leadership joining Turbo's management team to expand Turbo's Midwest footprint, warehouse capacity and brand/distribution capabilities.

Fenix Parent LLC (operating as Fenix Parts) has completed the acquisition of the assets of Fox Auto Parts in Belleville, Michigan, expanding Fenix's Midwest footprint and bringing its network to 23 full-service and 5 self-service locations. Bill and Bob Fox will join Fenix's leadership team, and the deal increases Fenix's production and distribution capacity in the Detroit, Ann Arbor and Northern Ohio markets.

Atlas Holdings has signed a definitive agreement to acquire US Farathane from The Gores Group in partnership with US Farathane CEO Andy Greenlee, who will remain CEO and become Chairman. The acquisition, expected to close in Q2 2023 pending regulatory approvals, positions US Farathane to pursue growth through strategic acquisitions, global footprint expansion and enhanced technology investment.

Ace Auto Wash of Troy, Michigan has acquired The Mechigian Auto Washes, a three-location car wash group in Fenton and Howell, Michigan, from owner Allyson Mechigian. Calder Capital advised the seller; Ace plans to remodel the locations, rebrand them under its Drip Car Wash model, and expand its footprint in Southeast Michigan. Terms were not disclosed.

Performance Plus Quick Oil Change & Car Wash of Holland, Michigan acquired Sparkle Car Care Centers of Benton Harbor, Michigan. The family-run strategic acquisition expands Performance Plus's footprint in Michigan, adding three long-standing Sparkle locations and enabling geographic and market growth.

Valtech has acquired Tome Software to strengthen its mobility and in-car experience capabilities, combining Valtech's global transformation expertise with Tome's mobility-focused software and North American presence. The acquisition aims to expand Valtech's offerings in connected vehicle and mobility safety solutions while scaling Tome's mission around equity and inclusion in mobility.

Fenix Parent LLC (operating as Fenix Parts) has completed its acquisition of the assets of American & Import Auto Parts in Sterling Heights, Michigan. The deal expands Fenix Parts' Midwest footprint, bringing its total to 22 full-service and 4 self-service locations and strengthening its distribution presence in the metro Detroit market.

Cummins Inc. has completed its acquisition of Meritor, Inc. for approximately $3.7 billion (including assumed debt and net of acquired cash). The deal strengthens Cummins' components and ePowertrain capabilities, accelerating development of electrified powertrain solutions and is expected to be immediately accretive with roughly $130 million of annual pre-tax run-rate synergies by year three.

Automotive executive William L. Kozyra, through his holding company Model Craft Inc., has acquired Alco Plastics Inc., a Romeo, Michigan-based supplier of plastic injection molded automotive components. The transaction closed on July 9; Kozyra will serve as chairman and his son William E. Kozyra II will run day-to-day operations following the purchase from second-generation owner Dan Conway.

ATC Drivetrain has acquired Global Battery Solutions (GBS), a Holland, Michigan-based provider of battery life-cycle management and EV component services. The acquisition expands ATC's capabilities in energy storage systems, second-life battery solutions and vehicle electrification services to better serve OEMs and aftermarket customers.

MPE Partners completed a recapitalization of Hi-Tech Industries, acquiring the company from NiTEO Products (owned by Highlander Partners) and partnering with Hi-Tech CEO Nathan Iverson. Hi-Tech will continue operating from its Farmington and Southfield, Michigan facilities; MPE's investment returns Hi-Tech to a standalone platform to support organic growth and M&A-driven expansion in the automotive aftermarket.

Applied Intuition has acquired Mechanical Simulation Corporation, the developer of vehicle dynamics simulation products including CarSim, TruckSim, BikeSim and SuspensionSim. The acquisition integrates Mechanical Simulation's precise vehicle-dynamics models with Applied Intuition's simulation platform to strengthen capabilities for ADAS and autonomous-vehicle development while maintaining existing customer support and product availability.

RV Retailer, LLC (RVR) acquired A&S RV Centers, adding two dealership locations in Auburn Hills and Midland, Michigan, and expanding RVR’s store count to 102. The deal represents RVR’s entry into the Michigan market and brings the A&S team and service/parts capabilities into RVR’s national retail platform.

All Star Auto Lights, a portfolio company of Atlantic Street Capital, has acquired Autolights, a Ferndale, Michigan-based seller of refurbished headlights, taillights and fog lights. The deal expands All Star's refurbishment capabilities, broadens its supply chain and strengthens its Midwest footprint, particularly serving the collision repair industry and automotive dealers.

Atar Capital completed the carve-out acquisition of BorgWarner's North American Controls (BWNAC) business, a Detroit-headquartered maker of transmission and engine solenoids, hydraulic control modules and related products. The business has been renamed Solero Technologies and will operate as a standalone company focused on growth, diversification and serving OEM and industrial end markets.

Morrie's Automotive Group acquired the Grand Ledge Ford Lincoln and Merrill Ford Okemos dealerships from Barry C. Merrill. The Presidio Group advised the seller on the transaction as Morrie's expands into Michigan, adding the two Ford/Lincoln franchises to its multi-state dealer network.

Brookfield Business Partners L.P., together with its institutional partners, agreed to acquire DexKo Global Inc. from KPS Capital Partners for $3.4 billion. DexKo, a Novi, Michigan–based manufacturer of chassis technology and trailer/RV components employing more than 6,000 people with global production and distribution footprint, was transformed under KPS via 15 acquisitions and operational improvements prior to the sale.

TRP Capital partnered with DTI co-founders Chris Wiegel and Kurt Saldana to acquire Diversified Technologies International (DTI) as a new platform investment for TRP V. DTI is an asset-light provider of supply chain and program management for tooling design and manufacturing serving automotive OEMs and Tier 1 suppliers; TRP expects to add value via customer growth and infrastructure support.

Forum Merger III Corporation completed its previously announced business combination with Electric Last Mile, Inc., creating Electric Last Mile Solutions, Inc. (ELMS) as a publicly traded company with common stock and warrants expected to begin trading on Nasdaq under the symbols ELMS and ELMSW on June 28, 2021. The transaction provides ELMS with capital to commercialize its Urban Delivery electric commercial vehicle (to be produced at its Mishawaka, Indiana facility) and to pursue connected upfitting and other fleet solutions.

Legendary Companies, together with private equity firm Irving Place Capital, has acquired Paragon Corvette Reproductions, a Swartz Creek, Michigan-based retailer and reproducer of out-of-production Corvette parts. The deal brings Paragon’s reproduction parts and distribution capabilities into Legendary’s collector-vehicle parts and accessories platform to expand product offering and reach into the vintage Corvette restoration market.

Safelite Group has acquired the assets of Troy Auto Glass in Troy, Michigan, completing the transaction on April 28, 2021. The acquisition expands Safelite's local service footprint and brings Troy Auto Glass associates and capabilities (including vehicle glass repair and recalibration expertise) into the Safelite AutoGlass network.

Advanced Vehicle Assemblies, LLC (an affiliate of Lynn Tilton) acquired substantially all assets of Global Automotive Systems, LLC on April 27, 2021. The deal transfers GAS’s engineering and complex structural metal-assembly capabilities into AVA to strengthen AVA’s manufacturing footprint and support future organic growth and acquisitions.

Lear Corporation acquired M&N Plastics, a Michigan-based injection molding specialist, to strengthen vertical integration and expand its capability to produce engineered plastic components for automotive electrical distribution and power electronics. M&N Plastics operates facilities in Sterling Heights, Michigan and El Paso, Texas and will support Lear's E-Systems connection systems business.

CenterOak Partners-backed FullSpeed Automotive has acquired Uncle Ed's Oil Shoppe, a Michigan-based operator of 29 quick-lube centers and 5 AutoBath America car wash locations. The add-on expands FullSpeed's Midwest footprint and marks the company's 15th acquisition since CenterOak's majority investment in 2017, bringing FullSpeed's network to nearly 600 locations.

Holland, Michigan-based Performance Plus Quick Lubes acquired Farmington, Michigan-based Colonial Car Wash and Oil Exchange, Inc. The acquisition adds a car wash division and an oil distribution operation to Performance Plus's existing network of quick-lube locations, supporting the company's geographic expansion and product/service capability growth in Michigan.

Affiliates of CCMP Capital have entered into a definitive agreement to acquire a controlling interest in Truck Hero, a leading supplier of aftermarket accessories for pickup trucks and Jeeps. TA Associates (the incumbent majority investor) and Truck Hero's founders will remain significant investors and management will continue to lead the company; the transaction is expected to close in Q2 2017 with terms not disclosed.

Delphi Automotive PLC has entered into a definitive agreement to acquire Control-Tec LLC, a SaaS provider of telematics and vehicle data analytics for automotive OEMs. The acquisition will strengthen Delphi's software, data management and telematics capabilities to support OEM customers and accelerate Control-Tec's growth under Delphi's global footprint.