BOUCHERVILLE, QC, Sept. 20, 2021 /CNW Telbec/ - Spectra Premium Industries is pleased to announce that an agreement has been reached with Turnspire Capital Partners to enable the long term viability of the business. Turnspire has agreed to purchase Spectra's existing operations and support ongoing development and growth under the new name of Spectra Premium Mobility Solutions. The transaction must be approved by the Canadian courts before Spectra Premium can emerge from its financial restructuring under the Companies' Creditors Arrangement Act (CCAA).
" The agreement with Turnspire will allow for new capital investment and strengthen our ability to compete as an advanced and robust automotive and heavy duty parts manufacturer. By leveraging our key competencies to serve OEM and aftermarket parts customers with product manufactured in North America. Under Turnspire ownership, Spectra will continue to leverage our expertise for development of systems that meet the growing trend toward electrification of commercial and industrial vehicles. " says Denis Chabot, President and CEO – Spectra Premium Industries
"An iconic brand, Spectra Premium is an ideal fit for our strategy of investing in high-quality businesses in specialty markets," says Ilya Koffman, Managing Partner, Turnspire Capital Partners. "We look forward to working with the talented, experienced and dedicated leadership team and valued employees of Spectra Premium to deliver best-in-class products and superior customer service to the OEM and Aftermarket channels."
Spectra Premium Industries (www.spectrapremium.com) creates, manufactures and markets technologies that support sustainable mobility. Our key markets are generic parts for vehicle repair in North America and original equipment systems for conventional light, heavy and industrial vehicles as well as hybrid and electric vehicles. We deploy our engineering and manufacturing expertise through processes such as metallurgical processing, heat transfer and electronic components. The company has a dedicated team of over 700 employees who have been the backbone of its outstanding innovation and 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.
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SOURCE Spectra Premium
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