2018 - Cloyes

American Axle has sold its Cloyes aftermarket division to Hidden Harbor Capital Partners

THE TRANSACTION

In April 2018, American Axle & Manufacturing Holdings, Inc. (NYSE:AXL “AAM”) divested the aftermarket division (“Cloyes”) of its subsidiary Cloyes Gear & Products, Inc. to Hidden Harbor Capital Partners (“Hidden Harbor”).

Cloyes is a global leader in the design, development, manufacture, and distribution of timing drive systems and components for replacement applications in the automotive aftermarket and high-performance racing segment. Cloyes has established itself as the premier brand in timing systems and related components, recognized for its quality products, engineering capabilities, broad product line, and high levels of customer service.

The divestiture is aligned with AAM’s strategy to focus on its core OEM markets. Hidden Harbor will provide operationally oriented stewardship to assist Cloyes’ transition to a standalone business and to execute upon Cloyes’ avenues for growth and value creation.

Our Client

AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.

AAM is a premier, global leader in the design, engineering, validation and manufacturing of driveline, metal forming, powertrain, and casting technologies for automotive, commercial and industrial markets. AAM has over 25,000 associates operating at more than 90 facilities in 17 countries to support its customers on global and regional platforms with a focus on quality, operational excellence and technology leadership.

CLOYES AFTERMARKET

Cloyes, based in Fort Smith, AR, is the North American leader and global designer, developer, manufacturer and distributor of timing drive systems and components for the automotive aftermarket. Its products are mission critical components for engine performance and function used in high-performance and replacement applications. Cloyes serves a broad customer base, including wholesale distributors, national and local retailers, re-packagers, and production engine builders, and sells its products under the Cloyes® brand throughout North America and Dynagear® in Mexico.

Transaction Partner

HIDDEN HARBOR CAPITAL PARTNERS

Hidden Harbor is an operationally focused private equity firm specializing in control investments in lower middle market companies. Hidden Harbor brings large-scale, private equity experience and resources to the lower middle market with a focus on value-oriented, operationally intense situations. Hidden Harbor’s principals bring both transaction and operating experience to understand and partner with its portfolio companies.

CONTACT

Managing Director
Automotive & Truck
Senior Vice President
Automotive & Truck