Commercial Vehicle Components (CVC) LLC has entered into an agreement to repurchase STEMCO’s disc brake manufacturing facility as well as its Lunar® disc brake product line. Jack Mitchell, Gina Morse, Peter Morse, and Daniel Morse will reunite as the leadership of Commercial Vehicle Components, which they sold to STEMCO in October 2017.
The acquisition, subject to regulatory approval in China, is expected to close within four to six weeks.
According to Peter Morse, the company was formed in 2014/15, sold to STEMCO in 2017, and returns to the original management/ownership team in 2020.
STEMCO to Exit the Brake Business
“This opportunity [to repurchase the assets of CVC]came to us less than a month ago,” explained Peter Morse, 59. “And we felt this was a tremendous opportunity.
“We weren’t looking to sell the company in the first place, but STEMCO’s offer was too good to pass up.”
The transaction includes manufacturing facilities in China for air disc brakes as well as hydraulic disc brakes; extant inventory; brands; intellectual property and patents. The company produces products for the medium and heavy-duty commercial vehicle market (Classes 2 – 8).
“We are excited to own our friction facility again, said Jack Mitchell, 59, chief operating officer. With its great operation and formulas, we will grow the company into a World Class Supplier.”