An investment team led by the Smithfield Group and Kensington Capital Partners has acquired Pure Power Technologies (PPT) from Navistar Inc. Financial terms of the transaction were not disclosed. Blythewood, SC-based PPT is an independent supplier of diesel fuel-injection systems and precision machining products and systems for medium- and heavy-duty truck applications.
Navistar will continue to be a major customer, as PPT will be the truck company’s primary supplier of diesel fuel-injection systems through a 10-year agreement for the exclusive supply of its existing product portfolio.
Scott Mackie, Navistar vice president of business development, said in a statement that the supply agreement with PPT will help Navistar continue to deliver high levels of quality and uptime to customers, while providing PPT with the opportunity to grow and expand as a standalone, independent company.
Jerry Sweetland, president and CEO of PPT, extolled his company’s independence as an opportunity for product diversity and growth. “We are now well positioned to bring our world-class diesel technologies, precision manufacturing, and testing capabilities to new market segments and customers that complement our core business with related products and solutions,” Sweetland said in a press release.
With a senior leadership team in place, the company’s statement reads, PPT is poised to invest additional capital to fuel growth through expanded services and — by using existing research and development and manufacturing capabilities — to “pursue new market channels” in the OEM and aftermarket space.