Advanced Accessory Systems (AAS), a maker of automotive roof racks and towing systems, announced today that it has completed the divestiture of its towing system businesses in the U.S. and Europe to Thule AB of Sweden for US$203m, subject to adjustments.
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The assets involved in the sale included:
* Brink International B.V., Europe’s leading manufacturer and distributor
of towing systems, related accessories and specialized trailers;
* Valley Industries, North America’s second largest supplier of towing
systems and related accessories;
* SportRack Accessories Inc., a leading Canadian manufacturer and
distributor of roof racks, rooftop cargo boxes and hitch-mounted
accessories.
When the proposed transaction was announced in May, Alan Johnson, AAS president and chief executive officer, said it would “allow AAS management to concentrate all of its energies on our principal business, SportRack Automotive, which is the leading supplier of roof racks to all major original equipment automotive companies.”
He said the initiative for the transaction had come from Thule, which had made a substantial offer for the AAS units. Together, the three businesses had revenues of US$245 million in 2005, while SportRack Automotive’s 2005 revenues were approximately US$200 million.
AAS is owned by Castle Harlan Partners IV, L.P., a private equity limited partnership organised and managed by Castle Harlan, Inc., a New York-based private equity investment firm. Castle Harlan acquired AAS in the spring of 2003.
