Sun Capital Wins Bid for Pace American Assets
Sun Capital Partners Inc., a private equity capital firm based in Boca Raton, Fla., has reportedly emerged as the high bidder for the assets of cargo trailer maker Pace American Inc.
The firm’s bid exceeded the bid of Industrial Opportunity Partners (IOP), another private equity firm based in Evanston, Ill. IOP was identified as the “stalking horse” leading up to the “Article 9” auction of Pace American assets on Tuesday (June 15) in Chicago. The amount of either bid was not revealed.
Pace American, based in Bannockburn, Ill., operates cargo trailer plants in Indiana, Texas, Oregon, Georgia and Utah.
Officials with Pace American, IOP and Sun Capital were unavailable for comment.