Locally based aftermarket auto parts manufacturer Vista-Pro has sold one of its three operating divisions to an Ohio private-equity firm.
Vista-Pro's sale of its heavy-duty unit, which makes radiator and cooling systems parts for trucks and industrial uses, to Resilience Capital Partners comes almost two years after the Century City-based company unloaded a division making electrical and power-steering parts to an Alabama company. The heavy-duty division has been renamed Thermal Solutions Manufacturing and will keep its headquarters in Nashville.
Terms of the deal were not disclosed, but the Resilience acquisition was funded in part by a $25.5 million debt facility from Chicago-based Monroe Capital. Thermal Solutions is being led by CEO Bob Potokar, who is an operating partner at Resilience, and President Mike Barbee. It's not clear how many other employees are affected by the transaction, which includes nine manufacturing facilities and 23 distribution branches across the continent, including some manufacturing operations in Mexico City.
"With its unparalleled distribution network and broad product portfolio, Thermal Solutions Manufacturing is a compelling platform investment with significant organic and inorganic growth opportunities that can be capitalized on to create long-term investment value for our investors," said Michael Cavanaugh, a Resilience principal, in a statement issued late Thursday.
Calls Thursday to both Resilience — which is based in Cleveland, Ohio — and Vista-Pro were not returned.
On its website, Resilience touts its expertise in working in "a variety of special situations, including underperformers, corporate divestitures, turnarounds, and orphan public companies." Among the other businesses it owns are a manufacturer of satellite communications gear and a lumber and flooring company.