Washington, DC – Global alternative asset manager The Carlyle Group (NASDAQ: CG) has acquired AxleTech International, a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components headquartered in Troy, Michigan, from General Dynamics Corporation. Terms of the transaction, which closed yesterday, were not disclosed. Carlyle previously owned the business from 2005 to 2008.
Mary Petrovich, CEO of AxleTech from 2002-2011, will rejoin the firm as Executive Chairman. Joe Mejaly, who joined the business in January 2014 as General Manager, will become CEO under Carlyle’s ownership.
Carlyle Managing Director Adam Glucksman said, “In partnership with Mary and Joe we will help AxleTech grow its market share through a relentless commitment to innovation, quality and service. We are delighted Mary is rejoining the firm as Executive Chairman. She is a remarkable leader with a track record of value creation for her customers and our investors.”
Ms. Petrovich said, “AxleTech has a rich 100-year history that offers its customers a broad portfolio of products, extensive market expertise and talented employees. I am eager to work with Joe, who brings a wealth of experience in off- and on-highway products, with strong skills in the aftermarket. Joe will drive the business to ensure satisfied customers with a singular perspective committed to its unique markets and capabilities.”
Mr. Mejaly said, “AxleTech’s management team and workforce is focused aggressively on being faster to market with the right components and systems, and prioritizing improved interactions with all customers, both current and potential.”
Equity capital for the transaction came from Carlyle Equity Opportunity Fund, a $1.1 billion fund that makes control and minority investments in middle market companies with significant unrealized growth potential, both in the United States and internationally.
About AxleTech
AxleTech International, based in Troy, Michigan, is a supplier of off-highway and specialty vehicle drivetrain systems and components to original equipment manufacturers and the aftermarket for commercial and defense customers around the world. AxleTech has nine vocational markets: agricultural, aircraft ground support, construction, forestry, material handling, defense, mining, specialty truck and transit. AxleTech has manufacturing, distribution, and engineering facilities in Oshkosh, Wisconsin, Chicago, Illinois, St. Etienne, France, and Osasco, Brazil.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $203 billion of assets under management across 129 funds and 141 fund of funds vehicles as of September 30, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700 people in 40 offices across six continents.
Media Contact
Elizabeth Gill
+1 202-729-5385
elizabeth.gill@carlyle.com
