Shock and strut maker Ride Control LLC has been sold.
OpenGate Capital, a private investment and acquisition firm headquartered in Los Angeles, has agreed to sell Ride Control, which produces and markets Gabriel brand suspension products, to MAT Holdings Inc.
Terms of the deal, expected to close at the end of 2012, were not announced.
Headquartered in Long Grove, Ill., MAT Holdings Inc. is a global manufacturer and distributor of products in the automotive, hardware and power equipment sectors.
“In just three and a half years we’ve accomplished much: We’ve created a stable, stand-alone company, re-established the respect of a historical and admired brand, and transformed our business from an underperformer to a sustainable, growing business. Today, we have created yet another milestone for Gabriel, ourselves, and our collective future,” said Lisa Bahash, president of Ride Control.
“MAT is extremely excited about this acquisition. There are tremendous synergies between our businesses and this will position our company to uniquely serve the OE and aftermarket needs of the passenger and commercial vehicle segments for years to come,” said MAT Holdings CEO Steve Wang.
