New York-based KPS Capital Partners today announced a definitive agreement to acquire Novi-based automotive supplier DexKo Global Inc. and its affiliates.
DexKo Global is a supplier of highly engineered running gear technology, chassis assemblies, and related components, with more than 130 years of trailer and caravan componentry experience.
The company was founded in late 2015 through a merger between Dexter and AL-KO Vehicle Technology, and now employs 4,500 people at 39 manufacturing facilities and 25 distribution centers worldwide.
“We are very excited to acquire DexKo Global, a market leader with industry-leading quality, customer service, and product innovation. We look forward to working with CEO Fred Bentley and the management team to aggressively grow DexKo Global both organically and through strategic acquisitions,” says Raquel Palmer, a partner of KPS.
“We were drawn to DexKo Global’s entrepreneurial management team and the opportunity to provide our manufacturing expertise and other strategic, operational, and financial resources to its global platform.”
Palmer adds that DexKo Global’s existing controlling shareholder, The Sterling Group L.P., will continue to own a minority stake in the company.
The transaction is expected to be completed by mid-2017 and is subject to customary closing conditions and approvals. Terms of the transaction were not disclosed.