Crossplane Acquires TransAxleJanuary-6-2020
Crossplane Capital Acquires TransAxle
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Jan 6, 2020
Jan 6, 2020 / — Crossplane Capital (“Crossplane”) is pleased to announce that it has partnered with management to acquire TransAxle LLC (“TransAxle” or the “Company”) from Graham Partners. Founded in 1979 and headquartered in Cinnaminson, New Jersey; TransAxle is a national provider of mission critical drivetrain components that supports trucking companies and service providers on a same day / next day basis. With 28 distribution centers and six centralized remanufacturing facilities, TransAxle is known for its focus on quality, nationwide availability and cost competitiveness.
Dave Olsen, CEO of TransAxle, commented, “Over the past three years, TransAxle has invested in a nationwide distribution footprint, entered multi-year partnerships with key distribution partners and launched the newest drivetrain families of products. We look forward to working side-by-side with Crossplane to continue investing in TransAxle’s capabilities to make the Company the go-to source for aftermarket drivetrain components.”
“We believe TransAxle is a unique, one-stop solution to today’s critical transportation infrastructure,” commented Ben Eakes, Partner of Crossplane Capital. “We are excited to partner with the TransAxle team to drive continued growth and expand the Company’s national market presence and product offering.”
“It’s been a pleasure to work closely with the TransAxle team to transform the business during our ownership– we wish them continued success while working with Crossplane,” stated Rob Newbold of Graham Partners.
Akin Gump Strauss Hauer & Feld LLC served as legal counsel to Crossplane, and Dechert LLP served as legal counsel to TransAxle with respect to the transaction. Lincoln International acted as financial advisor to the Company with respect to the transaction.
About TransAxle LLC
TransAxle, founded in 1979, is the largest East Coast remanufacturer of transmissions, differentials, hydraulic pumps and other specialized components for the medium and heavy duty truck markets. TransAxle has developed a reputation for providing important truck components on a same day or next day basis to minimize customer downtime. It also serves as a distributor of brake and clutch products, specialty drivetrain components and hydraulic parts to a broad range of customers. For more information visit www.transaxle.com
About Crossplane Capital
Crossplane Capital is a private equity firm based in Dallas investing control equity in industrial business services, niche manufacturing and value-added distribution businesses. The firm invests in companies with up to $200 million of revenue and significant value creation upside through prudent net working capital management, rigorous cost optimization and thoughtful revenue growth. Crossplane’s team has eight decades of collective experience transforming industrial companies as senior executives, operational improvement consultants, strategy consultants, restructuring advisors and private equity investors. As a result, Crossplane brings a sophisticated operating model and collaborative culture to lower middle market industrial companies. For more information, visit www.crossplanecapital.com
About Graham Partners
Graham Partners is a private investment firm focused on investing in technology-driven companies that are spurring innovation in advanced manufacturing, resulting in product substitutions, raw materials conversions and disruptions to traditional end markets. Graham Partners targets companies with EBITDA between $5 million and $50 million, and will invest in smaller companies to the extent they complement one or more of its other holdings. Since the firm’s founding in 1988 by Steven Graham, Graham Partners has closed over 120 acquisitions, joint ventures, financings, and divestitures. The committed capital raised since inception through the Graham Partners funds together with Graham-led co-investments totals approximately $3.1 billion, which differs from Regulatory Assets Under Management. Investors include university endowments, charitable foundations, financial institutions, and private investors. Based in suburban Philadelphia, the firm has access to extensive operating resources and industrial expertise and is a member of The Graham Group, an alliance of independently owned and operated industrial and investment management businesses that share in the common legacy of entrepreneur Donald Graham.