Hughes Hubbard & Reed assisted an investment group led by Smithfield Group and Kensington Capital Partners in acquiring Pure Power Technologies (PPT) from Navistar International Corp.
The deal was announced on Feb. 2. Terms of the deal were not disclosed. The acquisition positions PPT as an independent supplier of high-performance diesel fuel-injection systems and precision machining products and systems for the medium-and heavy-duty truck markets. Navistar, which originally bought PPT in 2009, will continue to be a major customer as part of a 10-year supply agreement.
"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 of 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."
London-based Smithfield Group is an investor in international businesses with a particular focus on driving strategic and operational change in companies operating in the industrial, energy and services sectors.
New York City-based Kensington Capital Partners is an investor in automotive and industrial businesses and publishes The Motor Weekly.
Chuck Samuelson led the Hughes Hubbard team, which included Steve Greene, Andy Braiterman, Matt Syrkin, Justin Cohen, M. Shams Billah, Emilio Saiz, Paul Yakulis, Steven Perelman, Carol Remy, Sarah Downie, James Delaney, Erin DeCecchis, Jose Bermudez and Anne Gonzalez.