Global alternative asset manager, Carlyle Group, has acquired US company AxleTech International.
Headquartered in Troy, Michigan, AxleTech is specialised in off-highway and specialty vehicle drivetrain systems and componentry.
Mary Petrovich, CEO of AxleTech from 2002-2011, will rejoin the firm as Executive Chairman. Ex-Meritor executive Joe Mejaly, who joined the business in May 2014 as General Manager, will become CEO under Carlyle’s ownership.
Carlyle Managing Director Adam Glucksman commented, “In partnership with Mary and Joe, we will help AxleTech grow its market share through a relentless commitment to innovation, quality and service. We are delighted Mary is rejoining the firm as Executive Chairman. She is a remarkable leader with a track record of value creation for her customers and our investors.”
Ms Petrovich said, “AxleTech has a rich 100-year history that offers its customers a broad portfolio of products, extensive market expertise and talented employees. I am eager to work with Joe, who brings a wealth of experience in off- and on-highway products, with strong skills in the aftermarket. Joe will drive the business to ensure satisfied customers with a singular perspective committed to its unique markets and capabilities.”