Spectra Premium Industries receives financing from Turnspire Capital Partners
by CM Staff
Turnspire has agreed to purchase Spectra's existing operations and support ongoing development and growth under the new name of Spectra Premium Mobility Solutions.
BOUCHERVILLE — On Sept. 20, Spectra Premium Industries announced that an agreement has been reached with Turnspire Capital Partners to enable the long term viability of the business. Turnspire has agreed to purchase Spectra’s existing operations and support ongoing development and growth under the new name of Spectra Premium Mobility Solutions. The transaction must be approved by the Canadian courts before Spectra Premium can emerge from its financial restructuring under the Companies’ Creditors Arrangement Act (CCAA).
“The agreement with Turnspire will allow for new capital investment and strengthen our ability to compete as an advanced and robust automotive and heavy duty parts manufacturer. By leveraging our key competencies to serve OEM and aftermarket parts customers with product manufactured in North America. Under Turnspire ownership, Spectra will continue to leverage our expertise for development of systems that meet the growing trend toward electrification of commercial and industrial vehicles.” says Denis Chabot, President and CEO – Spectra Premium Industries.
“An iconic brand, Spectra Premium is an ideal fit for our strategy of investing in high-quality businesses in specialty markets,” says Ilya Koffman, Managing Partner, Turnspire Capital Partners. “We look forward to working with the talented, experienced and dedicated leadership team and valued employees of Spectra Premium to deliver best-in-class products and superior customer service to the OEM and Aftermarket channels.”