Cerberus Capital Management, a private investment firm, has finalized a deal to acquire ABC Group Inc., a prominent global automotive parts supplier. This acquisition marks a significant step for both companies, promising to drive ABC Group’s growth and expand its reach in the automotive industry. ABC Group, known for its expertise in thermoplastic automotive components, will benefit from Cerberus’s investment and operational capabilities.
The financial details of the deal remain undisclosed; however, the leadership structure at ABC Group is undergoing key changes. Mary Anne Bueschkens, previously President and General Counsel, has been appointed as the new Chief Executive Officer. Derrick Phelps, former Deputy President, now assumes the role of President. Cerberus is also establishing a new board of directors, chaired by Daniel Ajamian, who currently chairs Reydel Automotive.
“We are enthusiastic about entering our next growth phase in partnership with Cerberus,” stated Ms. Bueschkens. “This collaboration will allow us to enhance our integrated product offerings, broaden our thermoplastic manufacturing expertise, and better serve the evolving needs of the automotive sector with high-quality Abc Group Car Parts.” Helga Schmidt, who, along with her late husband Mike Schmidt, played a pivotal role in building ABC Group, is stepping down from her position as Chair and CEO. Mike Schmidt passed away in early 2009.
ABC Group’s journey is a remarkable success story. Founded in 1974 with a single plant, the company has grown into a global enterprise with 6,000 employees and operations spanning Canada, the United States, Mexico, Brazil, Germany, Spain, Poland, Japan, and China. This global footprint allows ABC Group to efficiently supply car parts to major automotive manufacturers worldwide.
The story of Mike Schmidt, ABC Group’s co-founder, is particularly inspiring. Born in Croatia, he spent eight years in Austrian refugee camps before moving to Germany and finally immigrating to Canada in 1956. Arriving in Canada with just $64 and his young family, Mike and Helga Schmidt exemplified entrepreneurial spirit and hard work.
Before establishing ABC Group, Mr. Schmidt demonstrated his passion for plastics and machinery by launching Supreme Casting and innovating a plastic windshield washer fluid tank in 1968. This early venture laid the groundwork for the future success of ABC Group as a leading manufacturer of thermoplastic car parts.
“The Schmidt family, the management team, and the over 6,000 employees have collectively built a world-class organization,” commented Dev Kapadia, Managing Director at Cerberus. “ABC Group is ideally positioned to capitalize on the ongoing trends shaping the automotive industry. We recognize their strong foundation in producing essential abc group car parts and are committed to supporting their continued innovation and expansion.” This acquisition signals a promising future for ABC Group and its role in the global automotive supply chain.
