Shield sells Carlyle's Flexible Lamps to US giant Penske for $40m

 30/Nov/2006 20:20:48

By acquiring UK's Flexible Lamps, Penske creates the world's leading commercial vehicle lighting company

MAJOR US automotive group United Components Inc. (UCI) (in the Carlyle portfolio) today announced the $40m sale of its UK subsidiary, Flexible Lamps to Truck-Lite Inc., a subsidiary of Penske Group, the major US automotive sales, leasing and racing group, founded by legendary American road-racer, Roger Penske, owner of Penske Racing.

London-based international divestiture specialists Shield Corporate Finance served as financial advisor to UCI on the transaction. The deal was noteworthy not only for creating a global leader in lorry lighting, but also for securing the future of a UK business and its final salary pension fund. In a landmark transaction for the UK Pension Regulator, clearance was given to a strong strategic buyer without requiring a special contribution to the pension fund.

Keith Zar, General Counsel of UCI, said "This deal will enable UCI to focus on its core North American aftermarket businesses. Shield did an outstanding job in representing us in the UK, running a global auction and securing a bright future for an excellent business".

David Young, MD at Shield Corporate Finance, said "This is a brilliant outcome for all involved: Carlyle's UCI can now focus on its core US operations, safe in the knowledge that the jewel of Flexible Lamps will continue to sparkle in its new global setting at Truck-Lite".

Flexible Lamps, famous for its 'Rubbolite' brand, is Europe's leading manufacturer of commercial vehicle lighting systems, supplying the likes of DaimlerChrysler, Volvo, Scania and Renault. The sale represents an endorsement of a UK business founded in 1924, whose early customers included W.O. Bentley and HRH Prince George.

Editors Notes

About Shield Corporate Finance

Shield Corporate Finance is an M&A advisory firm specialising in international divestitures. Shield differentiates itself through its dedication to the pursuit of remarkable results for sellers. In a world of financial advice driven by the interests of buyers, Shield is unique in the way it defends the interests of sellers. 

About United Components Inc.

United Components, Inc. is a leading designer, manufacturer and distributor of a broad range of filtration products, fuel and cooling systems products, engine management systems, driveline components and lighting systems, for the automotive, trucking, marine, mining, construction, agricultural and industrial markets.

UCI operates through an established network of manufacturing facilities, distribution centers and offices located throughout the United States, Europe, Canada, Mexico and China with a global work force of more than 6,600 employees.

Flexible Lamps Ltd. is a leading international supplier and manufacturer of quality heavy duty vehicle lighting equipment.

Flexible Lamps began in 1924 as the original patentee of rubber vehicles lights and has been a leading producer for the past 80 years under the trade name 'Rubbolite'. Early customers included W.O. Bentley and HRH Prince George of Hanover.

About Truck-Lite Co. Inc.

For 50 years, Truck-Lite Co., Inc has provided the highest in quality heavy duty lighting products and safety systems in the world. Combining unique ideas with advanced technology, Truck-Lite offers innovative and cost-effective products, and stands as the See & Be Seen® provider of the transportation industry.

A leading manufacturer of LED, sealed & bulb-replaceable safety lighting and accessories, harness systems, mirrors, forward and warning lighting, conspicuity products and point-of-purchase support, Truck-Lite continues to meet and exceed the highest industry standards. 


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