updated: 5/21/2010 12:46:39 PM
A Connersville-based manufacturer of vapor and fluid control components has acquired an Illinois company. Stant Corporation says it has taken over substantially all assets of Expert Corporation, which designs and manufactures emission canisters for automotive manufacturers.
Source: Inside INdiana Business
Connersville, IN – May 19, 2010 - Stant Corporation, a leading manufacturer of engineered vapor and fluid control components, has acquired substantially all the assets of Expert Corporation. Based in Romeoville, Illinois, Expert is a leading designer and manufacturer of evaporative emission canisters and front end carriers for the automotive industry. Expert’s customers include many of the leading automotive manufacturers and Tier 1 suppliers in the U.S.
“This is a strategic acquisition providing a great fit to Stant’s current product development and manufacturing capabilities, ”stated Marlon Bailey, Stant President and CEO. “This transaction is highly strategic, completes Stant’s capabilities in vapor management products, and makes Stant a global leader in gas caps, valves, and now canisters, as well as in the cooling product category. We are excited about the existing and the future opportunities we have as a combined entity.”
“Expert has an impressive history of developing and manufacturing innovative canisters, and will help Stant provide a broad offering of customized vapor management solutions to meet our customers’ demanding needs,” added Mr. Bailey. “Expert’s engineering, sales and manufacturing professionals have done a nice job winning marquis business. We are excited to bring Expert into the Stant family and collectively build upon their deep technical and innovative vapor management delivery solutions. This also positions Stant well to capitalize on the tightening emissions standards in the automotive, industrial and small engine markets.”
Thomas LaMagna, Expert’s Chief Executive Officer, will join Stant and lead the canister and front end carrier segment. Mr. LaMagna stated, “Stant’s broad R&D expertise will provide an excellent platform to build upon Expert’s recent success in delivering innovative new products and solutions to our set of blue chip customers.”
Roman Krislav of H.I.G. Capital, a leading private equity firm and majority investor in Stant Corporation, stated, "We have the utmost confidence in the Stant management team who has shown an ability to both grow the business and execute well. We believe this investment will further cement Stant's leadership position in the vapor management sector.”
About Expert Corporation
Headquartered in Romeoville, IL, Expert is a leading Tier One designer and manufacturer of evaporative emission canisters and front end carriers for the automotive industry. A full spectrum of state of the art engineering, manufacturing, and post-production resources makes Expert a formidable sole source supplier to the largest and fastest growing automobile manufacturers in the world.
About Stant Corporation
Headquartered in Connersville, IN, Stant Corporation is a leading manufacturer of highly engineered vapor and fluid control components. These products are sold to a globally diversified group of industrial and automotive original equipment and aftermarket customers. Stant has a distinguished 110 year history of delivering patented, innovative solutions. Stant produces fuel system components, including fuel caps, fuel vapor control valves, and evaporative canisters to meet increasingly stringent domestic and international evaporative emission standards and cooling system components, including thermostats, thermostat housing subassemblies and radiator caps. The Company operates five global manufacturing facilities including operations in the United States, Mexico, Czech Republic and China. For more information, please refer to the Stant website at http://www.stant.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
Source: Stant Corporation