Pure Power Technologies (PPT) announced it has been acquired from Navistar by an investment team whose principals include the Smithfield Group and Kensington Capital Partners. As a result, PPT immediately becomes an aftermarket independent supplier of diesel fuel-injection systems and precision machining products and systems for medium- and heavy-duty truck applications.
“Pure Power Technologies’ independence provides us with a tremendous opportunity for product diversity and growth,” said Jerry Sweetland, president and CEO. “We are now well positioned to bring our world-class diesel technologies, precision manufacturing and testing capabilities to new market segments and customers that complement our core business with related products and solutions.”
The company also announced that Navistar will continue to be a major customer, as PPT will be the truck company’s primary supplier of high-performance diesel fuel-injection systems through a 10-year supply agreement for exclusive supply of its existing product portfolio.
“We view this agreement as a win-win for Navistar and Pure Power Technologies and its hard-working, dedicated workforce,” said Scott Mackie, Navistar vice president, business development. “Our supply agreement with Pure Power Technologies will help us continue to deliver high levels of quality and uptime to customers, while providing PPT the opportunity to grow and expand as a standalone, independent company.”
“The Smithfield Group and Kensington Capital Partners are committed to empowering Pure Power Technologies to continue to deliver capabilities and high-performance solutions that drive short- and long-term growth,” said Justin Mirro, president, Kensington Capital Partners. “Our investment team has decades of experience providing strategic and capital advisory services to suppliers in the automotive space and will leverage our collective expertise to help Pure Power Technologies achieve further market leadership.”
“Smithfield is delighted to lead the acquisition of Pure Power Technologies in partnership with management, Kensington Capital Partners and our fellow investors,” said John Arney, CEO, Smithfield Group. “Deployed in combination with the company’s excellent leadership team and highly skilled workforce, the capital and decades of operational and industry expertise Smithfield brings will enable Pure Power Technologies to grow and thrive as a leading independent business.”