The Sterling Group, a middle market private equity firm based in Houston, Texas, today (Nov. 1) announced that its affiliated investment fund, Sterling Group Partners III L.P., has completed the acquisition of the Dexter Axle business from Tomkins Industries Inc., a subsidiary of Pinafore Holdings B.V.
According to a press release, Dexter is the second business Sterling has acquired from Tomkins in the last fourteen months.
Dexter, based in Elkhart, Ind., is a leading designer and manufacturer of trailer axle, brake, and suspension assemblies and related replacement parts and components for use primarily in the industrial and utility trailer and RV markets in North America.
“For over 50 years, Dexter has provided customers with the highest quality axles in the industry,” said Adam Dexter, CEO of Dexter. “The entire team is thrilled by Sterling’s support of our business, our culture, and our commitment to delivering the best customer service and product quality in the trailer running gear market.”
During its 30-year history, Sterling has sponsored the “carve-out” of 22 businesses from larger corporate parents, including multiple acquisitions from DuPont, British Petroleum and Tomkins.
“We are excited about the opportunity to draw on our deep experience with corporate carve-outs to transition Dexter to a stand-alone business,” said Kevin Garland, partner at The Sterling Group. “We look forward to partnering closely with management to achieve new levels of profitability and create value for all shareholders.”