NEW YORK & LONDON–(BUSINESS WIRE)–Stellex Capital Management, a middle market private equity firm with offices in New York and London, today announced its partnership with Bruce Swift, a senior executive in the automotive industry, to create a niche manufacturing platform.
With over 30 years of senior management experience within the automotive industry, Mr. Swift was most recently Chief Executive Officer of Diversified Machine, Inc., a leading vertically-integrated supplier of fully engineered chassis and powertrain components and modules for the automotive OEMs and Tier 1 suppliers. During his tenure at Diversified Machine, the company realized six-fold growth, enabling a local Detroit company to become a global player within their industry, through organic growth and strategic global acquisitions.
Prior to Diversified Machine, Mr. Swift was President of Metaldyne Driveline Division, a global $800 million business unit of Metaldyne Performance Group, Inc., comprised of 19 manufacturing facilities in five countries with 3,600 employees. Metaldyne produces and sells components for use in powertrain and safety-critical platforms worldwide. Mr. Swift also held a number of executive purchasing positions at Ford Motor Company and began his career in the automotive industry at Honda of America, where he was responsible for the North American supply base expansion and localization of vehicle parts and systems.
“Our primary focus areas are the manufacturing and industrial service businesses where we have significant experience investing over several economic cycles and maintain longstanding relationships with key industry participants,” said Ray Whiteman, Managing Partner of Stellex.
“We are excited about teaming with an experienced executive like Bruce and leveraging his expertise in the space as we initiate a search for acquisitions that align with our investment acumen and goals. We have known Bruce for over a decade, since Ray and I partnered with him to build Diversified Machine,” added Managing Partner Mike Stewart. “We plan to deploy at least $100 million of equity into this strategy with Bruce.”
“I am looking forward to collaborating with Ray, Mike and the Stellex team in identifying attractive opportunities within the automotive space and applying my experience in the industry to help support and grow these investments,” said Mr. Swift.
Stellex invests in middle market companies with enterprise values typically between $50 million and $500 million with individual equity investments typically between $25 -100 million. The firm may make larger investments through partnering and co-investment.
About Stellex Capital Management
Stellex Capital Management is a private equity firm focused on middle market investments in companies going through business or industry transitions, as well as special situation opportunities. Stellex’s team has over 60 years of experience investing across various industrial sectors and market cycles. Prior to forming Stellex, both Ray Whiteman and Michael Stewart were Partners of The Carlyle Group and Co-heads of Carlyle Strategic Partners. For more information please visit: www.stellexcapital.com.
