A Wolverhampton-based remanufacturer of heavy-duty commercial vehicle drivetrain and steering systems has been acquired by a US firm which serves the global automotive industry.
HL Smith has been snapped up by Michigan-headquartered ATC.
ATC supports automotive OEMs, independent aftermarket distributors and individual consumers by providing remanufactured powertrain and drivetrain services, including engine, transmissions and transfer cases.
Orbis led the transaction, generating offers for the business from interested parties in the UK, continental Europe and the US. Legal advice to HLS was provided by Richard Griffiths, John Heaton and Rebekah Hobbs of Higgs LLP.
Russell Smith, owner of HL Smith, said: “The support and advice offered by Orbis through the whole process was of the highest professional and personable standard and never at any time left us doubting our choice of partner.
“As Higgs joined the team on the legal side, once again we were confident we had made the right decision. The sale of a long-standing family business is not always an easy road to take in many ways, but we could not have had a better team to guide us on the journey.”
Tom McCarthy, director at Orbis Partners, added: “It has been an absolute pleasure working with Russell.
“The deal again demonstrates Orbis’ international reach and ability to generate both UK and overseas buyers.”
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