Prestolite Electric Announces Sale of Global Business

Prestolite Electric LLC is pleased to announce the sale of its global business to Broad Ocean Motor and Ophoenix Capital Management (OCM). The transaction closed on Friday, January 24, 2014.

Broad Ocean MotorBroad Ocean Motor has acquired Prestolite Electric's China operations, and OCM has acquired Prestolite Electric’s rest-of-the-world operations, consisting mainly of the U.S. based parent company and Prestolite Electric's European subsidiary.Ophoenix Capital Management Broad Ocean Motor, OCM, and Prestolite Electric have formed a global alliance of the three companies. Prestolite Electric's global business will continue to function as it did prior to the transaction - as a closely coordinated and effective global business. The same global management team will continue coordinating Prestolite Electric’s global business as before.

Mr. Charles Lu, Chairman of Broad Ocean Motors said, "Broad Ocean has been serving its customers and growing its business over the past 20 years. Our customer base has expanded to the U.S. and today Broad Ocean has almost 50% of its global sales in North America. The Prestolite Electric acquisition allows us not only to strengthen our China business and add value for our shareholders, but allows us to expand globally and leverage Prestolite Electric's established and strong global presence. We are excited to execute on all of the advantages this global alliance will bring to our customers, suppliers, partners and employees."

Dr. Dazong Wang, Chairman of Ophoenix Capital Management commented, "I am very proud today. Ophoenix has been successful in marrying three strong global enterprises into an even stronger global alliance. As an investor in this acquisition, it is our goal to create value while providing high quality, innovative solutions for our customers, globally. Combining OCM, Prestolite Electric and Broad Ocean Motor together in a global alliance allows us to do this while improving our product portfolio, technical competency, and time to market."

Prestolite Electric's global President and CEO, Joe Lefave, says, "This is an important day in Prestolite Electric's 100+ years as a recognized brand. We are writing a new chapter in our history with our new global alliance with Broad Ocean Motor and Ophoenix Capital Management. Charles, Dazong, and I are completely aligned in our objectives. We look forward to providing even more innovative products and customized solutions to our highly regarded customer base. We intend to build on our reputation of being the best-in-the-world "solutions provider" to our customers. We believe this, combined with our strong customer service and focus, is what sets us apart from the competition. We want to thank our customers, suppliers, and our talented workforce for all the support through this process."

Broad Ocean Motor is a global supplier of high-tech, high quality motors to multiple segments including appliances, air handlers, vehicle electrification, and light duty alternators and starters for the transportation sector. Broad Ocean Motor was established in 1994.

OCM is a British Virgin Islands based advisory and investment firm specializing in mid-sized investment opportunities in the transportation sector and other industrial sectors around the globe with a strong China angle. The OCM winning investment formula – East/West synergy via cross border M&A coupled with China driven growth (organic plus acquisition) through a full cycle investment approach from deal origination, execution, to post-deal operation.

Prestolite Electric is a global supplier of alternators, starters, and new energy solutions for commercial truck, bus, off-road, military and electric vehicles. Over the past 100+ years, Prestolite Electric has established a reputation of world class customer service.