BOUCHERVILLE, QC, Sept. 20, 2021 /CNW Telbec/ - Spectra Premium Industries is pleased to announce that an agreement has been reached with Turnspire Capital Partners. Turnspire will acquire Spectra's existing operations and support ongoing development and growth under the new name of Spectra Premium Mobility Solutions. Spectra Premium can emerge from its financial restructuring under the Companies' Creditors Arrangement Act (CCAA) in the fourth quarter of 2021, upon approval by the Canadian and U.S. courts.
"The agreement with Turnspire brings new capital investment, a clean balance sheet and financial stability, strengthening our ability to compete as an advanced and robust automotive and heavy duty parts manufacturer. Combining our key operating competencies with Turnspire's industry experience and focus on operational excellence will allow Spectra to better serve OEM and aftermarket customers with high quality products, most of which are manufactured here in North America." said Denis Chabot, President and CEO – Spectra Premium Industries
"With its storied history and compelling market position, Spectra Premium is an ideal fit for our strategy of investing in niche industrial businesses that can benefit from Turnspire's significant strategic and operating resources," said Ilya Koffman, Managing Partner, Turnspire Capital Partners. "We look forward completing the transaction and to working with the talented, experienced and dedicated leadership team and valued employees of Spectra Premium."
Spectra Premium Industries (www.spectrapremium.com) designs, manufactures and markets technologies supporting sustainable mobility. Our key markets are aftermarket repair parts in North America, and OEM systems for conventional light, heavy and industrial vehicles as well as hybrid and electric vehicles. We deploy our engineering and manufacturing expertise in key processes such as metal transformation, heat transfer and electronics. Our company's over 700 dedicated employees have been the cornerstone of our innovation and exceptional customer service since 1989.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire's investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.
SOURCE Spectra Premium
Pascale Lagace, Project Leader - communication and advertising, Spectra Premium Industries, [email protected], (450) 641-3656 extension 2203
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