A Los Angeles-based investment firm is selling its stake in a nationally recognized auto parts manufacturer that has its administrative offices in Brentwood. The transaction is for an undisclosed sum, but OpenGate Capital officials say they've netted 50 times their invested capital.
In mid-2009, OpenGate acquired Ride Control, an after-market maker and distributor of automobile shock absorbers and strut assemblies operating under the Gabriel brand. At the time, the company was headquartered in Brentwood, but its home office is now in the Detroit area while a number of senior officials still work from here.
OpenGate is selling the business, which has about $200 million in revenues, to MAT Holdings Inc. out of Illinois. MAT is a privately held conglomerate with 13,000 employees and annual sales of about $1 billion. The deal is expected to close before year's end.
"OpenGate improved the operations of Ride Control through the implementation of several strategic initiatives and through the appointment of a new President and CEO, Lisa Bahash," said Andrew Nikou, OpenGate Capital’s CEO in a statement linked here.
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