MADISON HEIGHTS, Mich. (Oct. 22, 2007) — MAPS Holdings Inc., a Madison Heights-based auto parts maker and affiliate of private equity firm Wynnchurch Capital, is purchasing auto parts maker GDX International Holdings Ltd. for an undisclosed amount.
This announcement follows closely on Wynnchurch's acquisition of Metzeler Automotive Profile Systems-North America, and is in line with Wynnchurch's stated goal of becoming a global automotive supplier.
"Combining GDX with MAPS Holdings represents an attractive opportunity to dramatically grow our business," said MAPS CEO Rob DePierre in a statement.
MAPS will acquire GDX's headquarters facility in Farmington Hills, Mich., as well as facilities in Ontario, Missouri, Mexico, Germany and the Czech Republic and a Chinese joint venture. Six current GDX facilities, however, will close, including those in Wabash, Ind.; Magog, Quebec; and Batesville, Ark., as well as plants in France and Spain.
GDX customers determined which facilities should remain open after the acquisition, a Wynnchurch spokeswoman said. The acquisition is expected to close by the end of November, the two companies said.
GDX is currently owned by funds managed by equity capital giant Cerberus Capital Management L.P.