Turnspire Capital Partners To Acquire Spectra Premium Industries
Turnspire Capital Partners is to acquire the assets of Spectra Premium Industries, a Boucherville, Quebec-based designer, manufacturer and distributor of thermal and fluid management metal-formed products for the automotive, heavy-duty truck and industrial markets.
The transaction includes all of Spectra’s assets in the United States and Canada as well as the stock of the Company’s Taiwanese subsidiary. All Spectra employees across its 14 locations will remain with the business; Spectra has filed sale motions to approve the sale to Turnspire pursuant to the Companies' Creditors Arrangement Act Proceedings with the Quebec Superior Court and pursuant to the Chapter 15 Proceedings with the United States Bankruptcy Court for the District of Delaware.
Ilya Koffman, Managing Partner of Turnspire, said, “Spectra’s best-in-class engineering, and North American manufacturing and distribution capabilities position the Company as a supplier of choice to attractive automotive, commercial vehicle and industrial markets. The Turnspire acquisition will result in a strong balance sheet through the elimination of significant prior liabilities. Further, Spectra will benefit from our commitment to manufacturing excellence and access to significant strategic, operational and financial resources. We are excited to work with Spectra’s management team to build on the Company’s legacy of innovation and achieve profitable growth.”
Completion of the transaction is expected in the fourth quarter of 2021, following court approval and fulfilment of customary closing conditions.
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