The Carlyle Group has acquired AxleTech International, a global engineering and manufacturing company for off-highway and specialty vehicle drivetrain systems and components, from General Dynamics Corp.
Terms of the transaction were not disclosed.
Carlyle previously owned the Troy, MI-based business from 2005 to 2008.
Mary Petrovich, CEO of AxleTech from 2002-2011, will rejoin the firm as executive chairman. Joe Mejaly, who joined the business in May 2014 as general manager, will become CEO under Carlyle’s ownership.
“In partnership with Mary and Joe we will help AxleTech grow its market share through a relentless commitment to innovation, quality and service,” said Adam Glucksman, Carlyle managing director. “We are delighted Mary is rejoining the firm as executive chairman. She is a remarkable leader with a track record of value creation for her customers and our investors.”