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SOURCE SunTx Capital Partners
DALLAS, Feb. 28, 2013 /PRNewswire/ -- SunTx Capital Partners ("SunTx") today announced the sale of its portfolio company, Huron, Inc. ("Huron" or "the Company") to a financial sponsor. Financial terms of the transaction were not disclosed.
Huron, based in Lexington, Michigan, is a leading supplier of value-added tubular assemblies and precision machined products for the automotive industry. Originally founded in 1943, Huron utilizes advanced technologies and state-of-the-art systems to engineer and manufacture a diverse variety of customized products for the automotive industry. The Company has been successful in securing new business awards for its products and services, particularly in relation to emerging powertrain technologies. Customers of Huron include some of the world's largest car manufacturers, as well as key automotive OEM and Tier I suppliers.
Ned Fleming, Founder and Managing Partner of SunTx commented, "Today's announcement marks an important milestone for all parties involved. The sale of Huron is a validation of our firm's investment strategy of seeing value in mid-sized operating companies where others do not and patiently working with management to build a better company for its stakeholders, while creating value for our investors. SunTx has enjoyed supporting Huron's successful transition from a supplier of commodity components to a supplier of strategic products to many of the auto industry's biggest names. We have been an investor in Huron since 2005 and we wish the Company continued success."
Bob Bales, President of Huron, noted, "Huron is clearly an industry survivor and is well-positioned to continue growing the business," Mr. Bales added "We sincerely thank Ned Fleming and the SunTx team for their support, particularly during the automotive industry's most challenging economic times. SunTx has been an excellent partner; they encouraged us to think broadly and creatively and helped us strategically position the Company. Their input complemented our operational acumen."
Donnelly Penman & Partners served as financial advisor and Haynes and Boone, LLP served as legal counsel to SunTx with respect to the transaction.
About Huron, Inc.
Huron, Inc. is based in Lexington, Michigan and is the leading supplier of value-added tubular assemblies and precision components used in automotive engine, transmission, fuel and climate control systems. The Company is one of the largest independent producers of precision bar-turned products in the U.S. and has successfully leveraged its position to expand into specialized tubular fabrication market. More information about Huron can be found at www.huroninc.com.
About SunTx Capital Partners
SunTx Capital Partners, LP, is a Dallas-based private equity firm that invests in middle market manufacturing, distribution and service companies. SunTx specializes in supporting talented management teams in industries where SunTx can apply is operational experience and financial expertise to build leading middle-market companies with operations typically in the Sun Belt region of the United States. SunTx was founded in 2001 and currently has over $600 million of assets under management. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including leading university endowments and corporate and public pension funds. More information about SunTx can be found at www.suntx.com.
Media Contact for SunTx Capital Partners:
Kekst and Company
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