Vehicle customizer Starcraft Corp. is being acquired by fuel cell powertrain developer Quantum Fuel Systems Technologies Worldwide Inc.
The stock-swap deal, announced Tuesday afternoon, was valued by the companies at $185 million. That figure includes the assumption of about $20 million of debt from Starcraft.
The move will combine Quantum's abilities to develop fuel cells and other alternative powertrains with Starcraft's expertise at modifying production vehicles. Both companies have significant ties to General Motors.
More than half of Starcraft's customizing business comes from GM -- it adds bodyside cladding, wheels and other modifications to pickups and SUVs built on the automaker's full-sized truck platform.
Quantum, of Irvine, Calif., is a primary supplier to GM's fuel cell and alternative powertrain programs. GM is Quantum's largest shareholder with 14.2 percent of common shares.
GM supports the deal, Quantum said.
Starcraft, of Goshen, Ind., said four shareholders, who collectively hold 51.3 percent of the publicly traded company's stock, had agreed to the deal.
The companies expect the deal to be completed by next February or March. Starcraft shareholders will get 2.341 shares of Quantum stock for every share of Starcraft stock.
"This combination will give us a full range of capabilities from design through production," Quantum CEO Alan Niedzwiecki said.
Niedzwiecki will remain CEO of the combined company. Jeffrey Beitzel, co-CEO of Starcraft, will become COO of Quantum and join the board of directors.
Starcraft's operations will be managed as a subsidiary of Quantum, with Michael Schoeffler, a Starcraft employee, as president, the company said.
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