NEWPORT, Tenn. (Jan. 10)—Industrial tire and wheel maker Ace Products Inc. is looking to expand its product range and customer base after being acquired by a Chicago-based private equity firm.
Newport-based Ace, a supplier of solid and semi-pneumatic tires and wheels primarily for the agricultural and outdoor power equipment industries, is counting on the management and financial support of Radius Equity Partners L.L.C. to help it move forward.
Ace makes tires, wheels, tire/wheel assemblies and some hose and tubing at plants in Limeville, Ala.; Conneautville, Pa.; and Newport.
Radius Equity, which specializes in buying and managing middle-market manufacturing and distribution companies, acquired Ace through an affiliate from affiliates of Allied Capital Corp. and Code Hennessey & Simmons L.L.C. for an undisclosed price.
"Ace represents a great opportunity for us in a consolidating market," said Stuart Jamieson, a Radius managing director. "The company has been stabilized after several years of raw material and other cost increases and unstable demand, and is poised to reclaim its position as the leading company in its market."