Carlisle Cos. has sold its $200 million automotive unit to an Akron, Ohio-based private equity group that specializes in backing midsize manufacturing units.
Charlotte, N.C.-based Carlisle sold Carlisle Engineered Products to Reserve Group for an undisclosed price Aug. 17. The deal does not include the assets from two plants, in Grand Rapids, Mich., and Lake City, Pa.
The purchase marks the single biggest acquisition in automotive plastics for Reserve Group.
``Our plans are to continue to grow [the Carlisle business] with acquisitions and internal growth,'' said Anthony Murru, acquisition manager.
The unit will receive a new name, although the new owners have not decided on one yet, he said.
Murru would not comment on whether the new owners will bring in new managers.
Carlisle announced in January that it was seeking a buyer for its automotive group. CEP, headquartered in Crestline, Ohio, molds a variety of automotive components including interior and exterior trim.
Reserve Group owns another 10 manufacturing companies, including reaction injection molder Romeo Rim Inc. of Romeo, Mich., which makes parts for commercial trucks and agricultural equipment. Its Sharpsville Container Corp. of Sharpsville, Pa., molds some large containers for bulk chemical and food storage.
It seeks out firms ranging in size from $25 million to $500 million in revenue, especially those with proprietary products and an international presence.
The Carlisle auto group has injection molding, extrusion and blow molding in Michigan, Ohio and Alabama in the United States, two facilities in Mexico and a joint venture in England.