ATC Drivetrain acquires UK reman firm ATP
- July 03, 2019
Oklahoma City-based drivetrain component remanufacturer ATC Drivetrain has bought one of the UK’s best-known remanufacturing companies, ATP. No details of the transaction were disclosed. Alan Smart (pictured) founded ATP, headquartered in Cannock, half a century ago. “April 2019 marks ATP’s 50th year in business and I felt it was an appropriate time to secure the next phase of ATP’s continued growth,” Smart says. “I am confident that ATC is the right permanent home for my life’s work and will continue to flourish under the leadership of ATC CEO Greg Heald and the rest of the ATC leadership team.”
The acquisition sees ATP Automotive Transmission Remanufacturing Specialists, ATP Electronic Developments and ATP Holdings USA coming under ATC’s umbrella. Smart says the move will secure the future of ATP’s employees, “many of whom have over 30 years of service”. ATP specialises in remanufacturing automatic transmissions, including torque converters and automated manual transmissions, electronics and mechatronics, as well as manufacturing diagnostics systems. Heald says the companies “not only complement each other in the areas of technology, footprint and customer base, but also share common core values”. ATC remanufactures transmissions and engines and related components for light-, medium- and heavy-duty vehicles. It was bought by private equity firm Crestview Partners in February 2018 and has since concentrated on “pursuing global expansion and technology diversification in support of ATC’s customers’ needs”. Heald praised Smart’s “decades of hard work” when announcing the sale.