APC Automotive Technologies, LLC and APACE Holding Company, LLC announced that APACE has acquired APC’s AP Emissions business unit. The APACE group is led by Vange Proimos, a former owner of AP Emissions.
The move comes following a comprehensive strategic analysis which sees APC’s Board of Directors concluding that this transaction maximizes the value of the AP Emissions business and will enable further growth and innovation into the future for the benefit of employees and the wider industry.
APACE is an ideal strategic acquirer for AP Emissions, says, APC, which will continue to operate under its current name. “Proimos’ strong customer relationships and proven management expertise, including as past owner, CEO, and Executive Chairman of AP Emissions, will further enhance AP Emissions’ position and growth in the aftermarket space, enabling the business to better serve its customers and create expanded opportunities for its employees,” it said in a statement.
Proimos, who will lead AP Emissions following transaction close, has served as an active and engaged Board member since Audax’s acquisition of the business in 2014. He continued his service to the business following the acquisition of Eastern Catalytic in 2015 and the formation of APC Automotive Technologies in May 2017 under the combined ownership of Audax and Harvest Partners.
“AP Emissions has a leading platform and a strong position in the aftermarket, and I am excited to work again with its employees to grow the business further by providing high-quality service to customers,” said Proimos. “I am grateful to Tribby Warfield for her leadership and stewardship over the past 15 months, and I look forward to continuing the commercial and operational growth initiatives she and her team have implemented at AP Emissions.”
“Today’s announcement is the culmination of a year-long process through turbulent, uncertain times, but I could not be prouder of the team at AP Emissions that persevered and grew the business,” said Ms. Warfield. “Vange has the skills, experience and deep familiarity with the business to lead it into the future, and I look forward to seeing it prosper under ownership that recognizes the heritage of the iconic brands within the AP Emissions portfolio of businesses.”
Going forward, Centric Parts will operate as APC’s public-facing brand under Ms. Warfield’s leadership.
Terms of the transaction were not disclosed. King & Spalding LLP served as legal advisor to APC, and Weinsweig Advisors LLC served as its financial advisor. Honigman LLP served as legal advisor to APACE, and Conway MacKenzie served as its financial advisor.
About AP Emissions
AP Emissions Technologies is one of the leading manufacturers and suppliers of automotive, light truck, and heavy-duty exhaust and emissions products under the AP®, DuraFit, Eastern Catalytic, CATCO, ANSA, Cherry Bomb, DieselTech, DuraFit, Maremont, Xlerator, and Silverline®brands, among others. The AP Exhaust Technologies affiliate, Aristo, offers a full line of INTELLIGENT CATALYST products for on-road, off-road, stationary, industrial, commercial, and marine engines powered by gasoline, diesel, and other fuel sources, making AP the only catalytic converter manufacturer that is fully vertically integrated with respect to catalyst coating technology. For more information, visit www.APemissions.com.
About APC Automotive Technologies
APC Automotive Technologies is a leading supplier of automotive, light truck, and heavy-duty replacement parts. Delivering one of the broadest lines of undercar parts in the market, APC provides a comprehensive product portfolio including a full line of exhaust, brake, and chassis parts to traditional warehouse distributors, feeders, retailers, and performance and specialty channels. APC Automotive Technologies offers industry-leading product depth, customer service, and support. The company was formed in May of 2017 by the merger of AP Emissions Technologies (Goldsboro, NC) and Centric® Parts (Carson, CA). For more information, visit www.APCAutoTech.com.