TINLEY PARK, Illinois (February 3, 2015)—UGN, Inc., the preferred producer of high-quality acoustic, interior trim, and thermal management products, has sold it’s Chicago Heights (Illinois) business to Angeles Equity Partners, a private investment firm that focuses on making investments in North American middle market companies in the industrial sectors.
The sale of the UGN Chicago Heights business allows the newly formed company to expand the opportunity to grow outside of the Japanese automakers and build a business that supports both domestic and foreign manufacturers.
“It has always been the strategy of UGN to ensure all of our plants continue to be viable businesses for years to come,” says Peter Anthony, chief executive officer, UGN, Inc. “The reason for the decision to sell Chicago Heights was to find an owner who will take this business in a new direction with an emphasis to grow sales outside of the UGN current customer base and provide a great future for the plant and its team members.”
The business will be branded as Applied Acoustics International™ (AAI™). Terms of the deal were not disclosed.
“While we are excited about what this means for the industry, it’s important to know many elements of the business will remain unchanged,” says Anthony. “Chicago Heights will continue to produce barrier, dampers, and damplex products and UGN will become a customer of the newly formed company.”
The business has produced products in Chicago Heights since 1986 and employs 200 people. There will be no layoffs resulting from this transaction. Duff & Phelps Securities, LLC served as the investment banking advisor to UGN in connection with the sale of the facility.