NEWPORT, Tenn. (July 20) — The majority of Ace Products L.L.C. has been sold to a New York investment group.
A private equity affiliate of Angelo, Gordon & Co. said on July 19 it had purchased most of the business from Radius Equity Partners L.L.C., which owned Ace. The firm´s first order of business will be to properly capitalize the new company.
The acquired assets of the manufacturer of non-automotive tires will make up newly formed Ace Industries L.L.C. and the Ace Products name will be dropped, according to Jeff Krajacic, president and CEO of the new firm.
The company said its manufacturing plant in Lineville, Ala., and subsidiary, Urethane International L.L.C in Alpharetta, Ga., had reopened operations after their annual off-season shutdown.
Ace did not say what would happen to its factories in Newport and Conneautville, Pa.