TrueNorth Capital Partners acted as the exclusive financial advisor to Okubo Gear (Okubo), based in Kanagawa, Japan, in the sale of its subsidiary, Avon Gear, located in Shelby Township, MI.

Avon, now doing business as Avon Machining, manufactures large diameter, complex and high-precision transmission and drive-train parts that are sold to heavy equipment OEMs serving primarily the oil and gas, agriculture, construction and mining end-markets.

Speyside Equity Fund I acquired the assets of Avon via its newly-formed portfolio company Avon Machining. Speyside Equity is a private equity buyout firm focused on investment opportunities in manufacturing businesses within the specialty chemicals, food/ingredients and metal-forming sectors.

Yoshi Togo, a managing director for TrueNorth, said of the transaction, “We were pleased to assist Okubo in the sale of its U.S. subsidiary. This transaction demonstrates that TrueNorth is uniquely qualified in assisting its Japanese clients on their cross-border M&A needs.”

Bill Jarrett, also a TrueNorth managing director, added, “Working with Avon management, and based upon the company’s unique capabilities and world-class customer base, we attracted buyers interest from a broad range of North American strategic and financial buyers.”

Matt Korth, president of Avon, remarked, “We are grateful to the TrueNorth team for guiding us through this sale process and finding the right buyer. I am excited for the opportunity to partner with Speyside and embark on a new chapter for Avon. The company will benefit from Speyside’s extensive industry experience and the potential synergies from working with Speyside’s other portfolio companies.”

TrueNorth, with offices in Stamford CT, Minneapolis MN and Charlotte NC, is a boutique investment bank comprised of senior bankers providing a full complement of middle-market financial advisory services.