Nautic Partners, LLC, a private equity firm with more than $1.8 billion of capital under management, today announced that its portfolio company, HB Performance Systems Inc., has acquired the assets of Sun Metal Products, a leading manufacturer of rims and wheelsets for mountain bikes and related end markets. Financing was provided by M&I Bank, LaSalle Bank, and JPMorganChase. Terms of the transaction were not disclosed.
Headquartered in Warsaw, Indiana, Sun Metal Products has operations in Zhejiang China and a worldwide distribution network. The Company produces rims, wheelsets, and related components under the Sun and Ringlé brands. Nautic acquired HB Performance Systems in June of this year. The Company manufactures custom braking systems for original equipment manufacturers of motorcycles, bicycles, ATVs, snowmobiles, and other non-automotive applications. With operations in Mequon, Wisconsin and Taiwan, HB serves customers such as Arctic Cat, Caterpillar, Decathlon, Giant, John Deere, Harley-Davidson, Kona, Polaris, Trek Bikes, and Textron.
Fraser Preston, a Vice President of Nautic Partners, said, “This add-on acquisition is part of HB’s strategy to broaden its product portfolio in the bike market. Sun Ringlé is a designer and manufacturer of cutting edge rims and wheelsets, and will enhance HB’s ability to serve its customers in the bike industry. We will look for similar acquisition opportunities both within the bike industry and the other end markets that HB serves.”