PHILADELPHIA, Jan. 20, 2012 /PRNewswire/ --CARDONE Industries, a world leader in the automotive parts remanufacturing industry and TPG Capital, L.P., a leading global private investment firm, announced today that they have terminated discussions relating to the acquisition of CARDONE Industries' North American operations. The Cardone Family will retain ownership and control of the company. The announcement follows a mutual decision by CARDONE and TPG to end discussions related to the acquisition.
"CARDONE and TPG agree that the automotive aftermarket and the remanufacturing industry is fundamentally strong and represents tremendous potential for future growth, particularly through the strategic platform that we have developed," said Michael Cardone, Jr., Chairman and CEO of CARDONE Industries. "We also agree that the timing for the acquisition is not appropriate. Accordingly, we have mutually agreed to end our discussions."
Going forward, the Cardone family will retain ownership of the company and will continue to remain actively involved in its operations. CARDONE recently divested its European operations in a separate transaction and will focus its efforts on its profitable North American operations, the optimization of its remanufacturing site in Mexico, and the completion of its new Dallas logistics hub.
"We look forward to continuing the strong relationships with our customers that we have built on a foundation of high quality products and service excellence," said Cardone.
"CARDONE's reputation for quality products and reliability is unmatched in the remanufactured automotive industry, and we remain impressed with the company that the Cardone family and its employees have built over the past several decades," said Kevin Burns, partner at TPG Capital. "We wish them the best as they continue to move forward and build upon their achievements."
About CARDONE
CARDONE Industries, founded in 1970, is a privately held, family-owned and operated company headquartered in Philadelphia, PA, USA. Over the course of 42 years and three generations, the Cardone Family built the company from the ground up to become a world leader in the automotive remanufacturing industry.
About TPG Capital
TPG Capital is a leading global private investment firm founded in 1992 with $48 billion of assets under management and offices in San Francisco, Fort Worth, Beijing, Chongqing, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. Please visit www.tpg.comfor more information.
SOURCE CARDONE Industries, Inc.
