CRP Industries Inc. Acquires Atlantic Automotive Enterprises (AAE)

CRP Industries Inc. Acquires Atlantic Automotive Enterprises (AAE)

AAE will function as a wholly owned subsidiary of CRP Industries Inc. and operate independently out of its 125,000-square-foot headquarters and manufacturing facility in Tabor City, N.C.

aae-steering

CRANBURY, N.J. — CRP Industries Inc. has announced the acquisition of Atlantic Automotive Enterprises (AAE), a steering systems manufacturer specializing in new and remanufactured steering racks, power steering pumps, gear boxes and related electric components.

AAE will function as a wholly owned subsidiary of CRP Industries Inc. and operate independently out of its 125,000-square-foot headquarters and manufacturing facility in Tabor City, N.C. CRP Industries was advised on the AAE acquisition by Fairmont Partners of West Conshohocken, Pa., an independent investment banking firm.

Daniel N. Schildge, CEO of CRP Industries Inc., made the announcement and noted, “This acquisition is a great opportunity for both CRP Industries and AAE, and both companies will gain considerable benefits from our combined experience, skill sets, and core competencies. AAE puts us into the remanufacturing business and also brings us an exciting new product segment that offers significant topline growth potential made possible by our strong market position and the ongoing developments within the power steering product category.”

AAE owner and founder John Treece will remain at the helm of AAE and become part of the CRP Industries management team, reporting directly to Schildge. “Our organization is extremely excited to be uniting with such an outstanding organization as CRP Industries. Both companies have a long history and reputation for being quality oriented and service driven,” Treece said. “Our corporate values and cultures with respect to how we service our customers and appreciate and value our employees are closely aligned. This is truly a win-win for our collective customers and employees.”

AAE’s history as a quality manufacturer and formidable knowledge and expertise in collaborative product development with global suppliers, will also bring benefits to CRP’s overall product programs and future developments.

For more information on CRP, visit www.crpindustries.com

You May Also Like

Advance to Spin Off Worldpac as Company Reports Operating Loss

Advance also will divest its Canadian business and announced a $150 million cost-reduction program.

New Advance Auto Parts CEO Shane O’Kelly served as a U.S. Army captain in the 1990s after graduating from the U.S. Military Academy at West Point.

Early in Advance’s third-quarter conference call on Nov. 15 – during which the company reported an operating loss of $43.7 million – O’Kelly said his time in the military taught him the importance of aligning an organization “around fewer measurable goals while ensuring while ensuring discipline and accountability in the process to achieve those goals.”

Fenix Parts Completes Acquisition of Brothers Auto Parts

Brothers is a full-service automotive recycler servicing the Indianapolis market.

Carquest by Advance Opens New Store in Virginia

It’s the fourth Carquest store owned by Magee Auto Parts LLC.

Fisher Auto Parts Acquires Berrodin Parts Warehouse

Berrodin Parts Warehouse has nine warehouse locations throughout Southeastern Pennsylvania and Northern Delaware.

Advance Shakes Up Executive Team, Launches Strategic Review

Former Home Depot exec Shane O’Kelly will take over as president and CEO effective Sept. 11.

Other Posts

Arnold Motor Supply Acquires Barron Motor Supply

Both century-old companies will combine to expand services for the Eastern Iowa market.

Mergers and Acquisitions Automotive Aftermarket
DealerShop Acquires Jobbers Automotive

Jobbers Automotive offers automotive paint, janitorial supplies, body shop equipment, bulk oil and WeatherTech products.

Factory Motor Parts Acquires Auto Plus Stores

FMP’s new locations will have inventories for all makes and all models combined with aftermarket brands as a result of the transaction.

BendPak Invests in New Global Headquarters

BendPak expects to move from its current headquarters in Santa Paula, California, by the end of the summer.