New York-based Turnspire Capital Partners LLC has acquired the assets of MPI Holdings LLC, which based in Rochester Hills.
Trevor Myers, an accomplished and respected automotive executive and a Turnspire executive-in-residence, has been appointed president and CEO at MPI. Founded in 1969, MPI is a Tier 1 supplier of high-precision, fineblanked metal components, and is a leader in safety and mission-critical automotive and industrial parts.
Across five strategically located plants in the U.S. and México, MPI’s product portfolio is comprised of highly engineered metal components. MPI’s automotive customers include several large original equipment manufacturers and global Tier 1 automotive suppliers.
“We are excited to bring MPI's world-class fineblanking capabilities, well-positioned facilities and highly skilled workforce into the Turnspire portfolio,” Turnspire Partner Abel S. Osorio said in a statement. “MPI is conservatively capitalized, with ample resources to invest in transformative process improvements, R&D, significant organic growth and to fund strategic acquisitions. MPI remains committed to providing current and future customers with world-class product quality and customer service.”
Myers added: “I’m honored to join such a storied and remarkable company. Over decades MPI has established itself as the leading supplier of formed metal products in the North America automotive industry with a persistent focus on quality and customer service. Turnspire’s operational support and strategic guidance will enable MPI to better serve both new and existing markets while rapidly expanding into adjacent markets that benefit from fineblanked processes.” Chapman & Cutler LLP served as legal counsel to Turnspire. Financial terms were not disclosed.