NEW YORK, Oct. 11, 2013 (GLOBE NEWSWIRE) -- Current Capital LLC ("Current Capital"), a private equity investing and management services firm focused on middle market and smaller companies in the industrial and services industries, announced the sale of Stackpole International ("Stackpole") to funds managed by Crestview Partners, a private equity firm with approximately $4 billion of capital under management. Stackpole is a leading designer and manufacturer of highly engineered oil pumps and powdered metal components for automotive manufacturers and other customers.
Current Capital participated in the August 2011 acquisition of Stackpole from Gates Corporation, a subsidiary of Tomkins Ltd., with The Sterling Group, Inc. ("Sterling"), the majority investor in Stackpole. Current Capital and Sterling have helped to transition Stackpole from a division of a large company to an independent global automotive supplier. Over the past two years, Stackpole has continued to win and execute well on oil pump and powdered metal platforms, established a strategic presence in Europe and Asia, accelerated its presence in non-automotive products, achieved operating efficiencies and capitalized on an increasingly strong global automotive production environment.
Jonathan Foster, Founder and Managing Director of Current Capital, commented, "It has been a privilege to work with Peter Ballantyne, President and CEO of Stackpole, and his entire team to help the company continue to grow. This investment has been consistent with our focus on companies that can benefit from our industry knowledge, operating experience, financial expertise and strategic perspective. We are delighted that Stackpole has a high quality new owner with the experience and capital to help the company continue to prosper."
Kent Wallace, a Partner of Sterling, noted, "We are pleased to have worked closely with the entire Stackpole team and Current Capital to build on the company's leadership position for consistently manufacturing and delivering critical components for automotive manufacturers and other customers worldwide. Current Capital is a valued partner that provided automotive knowledge, input on capital issues and a long-term perspective.
About Current Capital LLC
Current Capital LLC ("Current Capital") is a private equity investing and management services firm founded in 2008 by former Fortune 500 executives and investment professionals. The firm's private equity investing business helps create value, primarily in middle market and smaller companies in the industrial and services industries, with an integrated operating, finance and investment approach. Its primary focus is on control investments. However, it will make minority investments where it has significant influence. Current Capital's management services effort manages investments, serves on Boards of Directors and does related consulting for other investors and financial institutions and also provides expert witness services in complex corporate litigation. Please visit www.currentcap.com for more information.
About Stackpole International
Founded in 1952 and headquartered in Ancaster, Ontario, Stackpole is a designer and manufacturer, and often a sole source provider, of highly-engineered oil pumps and powdered metal components for automotive original equipment manufacturers. These components are typically specified on long-term engine and transmission platforms with 10 to 15 year lives and are found on some 400 different vehicles or nameplates. Stackpole's automotive customers rely on the company's ability to design and produce highly durable components for their most important and widely marketed platforms. The company is one of the top automotive oil pump producers in the world. It pioneered variable vane oil pump technology, a design that saves energy by allowing variable rather than fixed pump displacement. It is also a leading fabricator of complex powdered metal components, including gears, sprockets, assemblies and pump components. Stackpole has twelve manufacturing facilities and technical centers in North America, Europe, China and Korea.
MFD Communications for Current Capital LLC Melissa Daly 646-322-9192
