FEDERAL-MOGUL’S FUEL SYSTEMS BUSINESS HAS BEEN ACQUIRED BY CARTER FUEL SYSTEMS, LLC
Birmingham, Michigan – September 30, 2013 – Angle Advisors is pleased to announce that Carter Fuel Systems, LLC (“Carter”) has acquired the fuel systems business from Federal-Mogul Corporation (“Federal-Mogul”). Angle Advisors acted as the exclusive investment banking advisor to Federal-Mogul in completing this transaction.
Based in Logansport, Indiana, the fuel systems business (the “Business”) is a leading manufacturer and distributor of high quality fuel system assemblies and components for a broad array of vehicular applications. The Business’ product offering includes fuel delivery modules, fuel pumps, hanger assemblies, and vapor separators, which are sold to light vehicle aftermarket customers and heavy-duty, off-road vehicle, and marine OEMs. The Logansport facility consists of 170,000 ft2 of vertically integrated manufacturing space including injection molding, metal stamping, CNC machining, over-molding, and assembly capabilities, as well as a 15,000 ft2 state-of-the-art technical center.
“The fuel systems business is respected for its experience and high quality operations by their customers, but was not core to Federal-Mogul’s long-term portfolio strategy,” said Andrea Pappagallo, Federal-Mogul’s Vice President of M&A. “We would like to thank the team at Angle Advisors for helping execute a successful divestiture. They leveraged industry experience to navigate a well-tailored and confidential sale process, and were instrumental in helping execute and structure a complicated carve-out.”
Federal-Mogul Corporation (NASDAQ:FDML) is a leading global supplier of products and services to the world’s manufacturers and servicers of vehicles and equipment in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation, and industrial markets. The company’s products and services enable improved fuel economy, reduced emissions, and enhanced vehicle safety. Federal Mogul operates two independent business segments, each with a chief executive officer reporting to Federal-Mogul’s Board of Directors. Federal-Mogul’s Powertrain Segment designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial, and transport applications. Federal-Mogul’s Vehicle Component Solutions Segment sells and distributes a broad portfolio of products through more than 20 of the world’s most recognized brands in the global vehicle aftermarket, while also serving original equipment vehicle manufacturers with products including braking, chassis, wipers, and other vehicle components. Federal mogul was founded in Detroit in 1899. The company employs 45,000 people in 34 countries. For more information, please visit www.federalmogul.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 33 professionals have completed 94 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.