Center Rock Capital Partners, a leading private equity firm, has successfully acquired Wolverine Advanced Materials (WAM) from ITT, marking a significant expansion of their portfolio in the automotive and mobility technology sector. Wolverine Advanced Materials, headquartered in Dearborn, Michigan, is a premier advanced materials specialist renowned for supplying critical original equipment components across various engineering applications. Particularly recognized in the automotive industry, WAM is a key player in both brake and sealing segments.
Wolverine Advanced Materials boasts a comprehensive product range that includes essential components such as original equipment manufacturer (OEM) brake shims, sealing and gasket solutions, abutment clips, and aftermarket brake shims. These products are manufactured and distributed extensively throughout North America, Europe, and the APAC region, serving a diverse clientele of over 150 blue-chip customers. With an impressive catalog of more than 2,500 product stock keeping units, WAM demonstrates a highly diversified product suite, underpinned by sophisticated manufacturing processes and strong in-house research and development capabilities.
The acquisition by Center Rock Capital Partners was strategically supported by Lincoln International, who acted as the exclusive investment banking representative. Lincoln International was instrumental in arranging committed debt capital to facilitate the acquisition of WAM. Center Rock Capital Partners sought a flexible capital structure and Lincoln International successfully navigated this, securing optimal financing through their network of long-term financing partners, including an asset-backed revolver to enhance liquidity. The deal team at Center Rock Capital Partners brings considerable experience in the automotive sector and aims to leverage this acquisition to drive growth by intensifying focus on customer needs and capitalizing on aftermarket opportunities within Wolverine Advanced Materials.
Brendan Murphy, Managing Director at Lincoln International, who spearheaded the transaction, commented, “Lincoln was delighted to support Center Rock on the acquisition financing of WAM. Our role involved ensuring efficient financing within a fast-paced mergers and acquisitions process. This included managing the complexities of a public carve-out and optimizing asset-based lending availability across an international borrowing base. We are pleased to have identified ideal, long-term financing partners for the company.”
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