Spectra Premium Industries announced that an agreement has been reached with Turnspire Capital Partners.
Turnspire will acquire Spectra’s existing operations and support ongoing development and growth under the new name of Spectra Premium Mobility Solutions.
Spectra Premium can emerge from its financial restructuring under the Companies’ Creditors Arrangement Act (CCAA) in the fourth quarter of 2021, upon approval by the Canadian and U.S. courts.
“The agreement with Turnspire brings new capital investment, a clean balance sheet and financial stability, strengthening our ability to compete as an advanced and robust automotive and heavy-duty parts manufacturer,” said Denis Chabot, president and CEO of Spectra Premium Industries. “Combining our key operating competencies with Turnspire’s industry experience and focus on operational excellence will allow Spectra to better serve OEM and aftermarket customers with high quality products, most of which are manufactured here in North America.”
“With its storied history and compelling market position, Spectra Premium is an ideal fit for our strategy of investing in niche industrial businesses that can benefit from Turnspire’s significant strategic and operating resources,” said Ilya Koffman, managing partner, Turnspire Capital Partners. “We look forward completing the transaction and to working with the talented, experienced and dedicated leadership team and valued employees of Spectra Premium.”