Pure Power Technologies (PPT), a maker of diesel fuel injection systems, announced it was sold by Navistar Inc. to an investment team whose principals include the Smithfield Group and Kensington Capital Partners.
As a result, PPT said it is now an independent supplier of diesel fuel-injection systems and precision machining products and systems for medium- and heavy-duty truck applications. Terms of the transaction were not disclosed.
“Pure Power Technologies’ independence provides us with a tremendous opportunity for product diversity and growth,” said Jerry Sweetland, president and CEO of PPT. “We are now well positioned to bring our world-class diesel technologies, precision manufacturing and testing capabilities to new market segments and customers that complement our core business with related products and solutions.”
The company also announced that Navistar will continue to be a major customer, as PPT will be the truck company’s primary supplier of high-performance diesel fuel-injection systems through a 10-year supply agreement for exclusive supply of its existing product portfolio.
PPT said the company’s unique experience as an OEM insider will allow it to develop products that stay ahead of market and regulatory trends and to deliver its products that offer uncompromising quality, durability and fuel economy to its customers.
“The Smithfield Group and Kensington Capital Partners are committed to empowering Pure Power Technologies to continue to deliver capabilities and high-performance solutions that drive short- and long-term growth,” said Justin Mirro, president, Kensington Capital Partners. “Our investment team has decades of experience providing strategic and capital advisory services to suppliers in the automotive space and will leverage our collective expertise to help Pure Power Technologies achieve further market leadership.”
Pure Power Technologies has an advanced manufacturing facility in Blythewood, S.C. and a Development and Test Center in nearby Columbia, S.C.