Center Rock Capital completed the acquisition of Control Devices segment from Stoneridge for $59m.

Center Rock Capital, a private investment firm specializing in driving long-term value creation for middle-market industrial businesses, completed the acquisition of Control Devices segment from Stoneridge, a designer and manufacturer of highly engineered electrical and electronic systems, for $59m. "This transaction is a critical step in our long-term strategy. As I outlined when we first announced our strategic review, we are seeing record-breaking business wins in several of our core growth platforms in both Electronics and Stoneridge Brazil. To support and accelerate these growth opportunities, we will now be able to dedicate our capital and resources to these businesses to drive future growth. As a result of this transaction, Stoneridge will be more focused and less complex, which in turn, is expected to create stronger shareholder returns and significantly de-risk our overall business profile," Jim Zizelman, Stoneridge President and Chief Executive Officer.