ATC Drivetrain Acquires International Remanufacturing Leader Acquisition Marks Step Towards Creating a Global Remanufacturing Enterprise First Acquisition for ATC Drivetrain Under Ownership of Crestview Partners
OKLAHOMA CITY, OKLAHOMA – April 30, 2019 – ATC Drivetrain (“ATC”), a leading independent remanufacturer of automotive drivetrain components headquartered in Oklahoma City, Oklahoma, announced today that is has acquired ATP Automotive Transmission Remanufacturing Specialists Limited, A.T.P. Electronic Developments Limited and ATP Holdings USA, LLC (collectively “ATP”) from ATP’s founder Alan Smart. Financial terms of the transaction were not disclosed.
Founded in 1969, ATP is a Cannock, United Kingdom-based leading European independent remanufacturer of automatic transmissions, including torque converters and automated manual transmissions, electronics and mechatronics, as well as a manufacturer of diagnostics systems and providing associated services. ATP’s client base includes various European and global OEMs, and suppliers in Europe and North America.
ATP Founder Alan Smart said, “April 2019 marks ATP’s 50th year in business and I felt it was an appropriate time to secure the next phase of ATP’s continued growth. The exciting combination of ATC and ATP will allow for ATP to increase the ways in which we can serve our customers and secures the future of ATP’s employees, many of whom have over 30 years of service. I am confident that ATC is the right permanent home for my life’s work and will continue to flourish under the leadership of ATC CEO Greg Heald and the rest of the ATC leadership team.”
Greg Heald, ATC’s President and CEO and member of its board of directors, said, “The teams at ATC and our private equity sponsor Crestview Partners have a great deal of respect for Alan Smart and for the decades of hard work he has committed to building ATP as its founder and chairman. Mr. Smart’s vision has driven the growth and evolution of ATP from its beginning 50 years ago to its position today as a leader in the remanufacturing industry.”