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Cardone Family To Retain Ownership And Control of CARDONE Industries


2/15/2012

 
PHILADELPHIA – CARDONE Industries announced that it has terminated discussions relating to the acquisition of CARDONE Industries’ North American operations. The Cardone Family will retain ownership and control of the company following a mutual decision by CARDONE and TPG Capital to end discussions related to the acquisition.

“CARDONE and TPG agree that the automotive aftermarket and the remanufacturing industry is fundamentally strong and represents tremendous potential for future growth, particularly through the strategic platform that we have developed,” said Michael Cardone Jr., chairman and CEO of CARDONE Industries. “We also agree that the timing for the acquisition is not appropriate. Accordingly, we have mutually agreed to end our discussions.”














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