An Auburn Hills-based global automotive supplier specializing in the design, engineering, and manufacture of mobility solutions has been acquired by MiddleGround Capital of Lexington, Ky.
Dura Automotive operates through its mechatronics, lightweight structures, and exterior trim segments, making products such as shift-by-wire actuators, advanced driver-assistance systems, electric vehicle battery trays, mechatronic control systems, and aluminum roof rails. Dura supplies leading automotive OEMs and Tier One partners worldwide, with a presence on more than 300 platforms across all light vehicle and powertrain types.
“I am thrilled to join such a talented organization,” says Kimberly Rodriguez, CEO of Dura Automotive. “The dedication and tenacity of our 6,700 global team members has strategically positioned the company for ongoing success. As advanced mobility continues to evolve, we look forward to collaborating with industry thought leaders to create the future in vehicle safety and electrification.”
Dura operates 31 facilities in 13 countries.
“We have been searching for an opportunity to invest in a business as well-positioned as Dura to capitalize on the most disruptive trends in the automotive industry,” says John Stewart, a MiddleGround partner who spent 18 years at Toyota Motor Co. “From today’s focus on electrification of the powertrain and vehicle lightweighting to some of the longer-term shifts toward autonomous driving and connected car, Dura is and will continue to be a driving force in an industry undergoing major transformation.”
The purchase of Dura Automotive is MiddleGround’s sixth platform acquisition made from its first fund, which closed in August 2019.
“Dura’s engineering capabilities have made it a key supplier to its customer base for many decades,” says Scot Duncan, a MiddleGround partner who also is a Toyota veteran. “We are excited to further Dura’s legacy of partnering with its customers to develop next generation products of superior quality. We value the support Dura’s customers have shown over the years and look forward to working together on this next phase of growth.”
Chris Charlton, a Dura equity partner and founder of The Charlton Group, says, “Having completed a challenging restructuring process during a global pandemic, Dura has emerged under new ownership, well capitalized and eager to resume an active role in value creation. We want to thank our customers, suppliers, and employees for their unwavering support as we begin our next chapter as a new company.”