The sale of Guide Corp. to Vehicle Lighting, Inc. (VLI) was completed on Monday, with a new president and chief executive officer named to head the company.
Guide, based in Pendleton, Indiana, is a leading supplier of exterior automotive lighting.
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In closing the sale, VLI acquires the controlling interest of Guide’s parent company, Lightsource Parent Corp. Terms of the purchase agreement were not released.
A tentative agreement to sell the company was announced on January 17. The closure of the sale followed a three-week period of due-diligence assessment by VLI.
VLI is a business established recently by Mr. B.N. Bahadur, owner of several other automotive suppliers and a consultant to manufacturers and lending institutions in the auto industry for the past 25 years.
Bahadur is also one of the founders and principals of BBK, Ltd., of Southfield, Michigan, a turnaround management and consulting firm.
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By GlobalDataBahadur, who is now chairman of Guide, named Dennis E. Hiller, a 25-year automotive industry veteran, as president and CEO of the company.
“I am very pleased with the closure of this sale and I’m looking forward to working with Guide,” Bahadur said.
Guide’s current president and chief operating officer William Smith praised the purchase as a positive step in ensuring the future of the company.
“I have the highest regard for Mr. Bahadur, and I’m confident he and Dennis Hiller bring to Guide the automotive expertise and positive relationships with General Motors and other potential customers that are essential to the company’s future.” Smith said.
The retired Chrysler executive said the sale gives him the opportunity to, as planned, leave the company once a strong new owner was found.
“It has been important to me that both the company and the good people who work here are given the best opportunity for success,” Smith said. “I can now depart with the confidence that I leave the company in good hands.”
Hiller said he was anxious to begin his new responsibilities.
“Guide has both a deep tradition and solid future in the auto industry,” he said. “There also are a lot of challenges, and I’m looking forward to working with all of the employees in attacking those challenges.”
Before joining Bahadur at BBK last October, Hiller worked for Collins & Aikman of Troy, Michigan, where he led a number of turnaround situations, reorganisations and acquisitions.
Collins & Aikman is a supplier of automotive interior systems. Hiller’s most recent assignment was as president of the company’s largest unit, its North American Automotive Interior Systems Division.
Prior to that, he was president of the Carpet and Acoustics Group based in Albemarle, North Carolina and C&A Accessory Mats in Akron, Ohio.
