How it started
Bain Capital founding
Accuride was founded in 1986 in order to acquire the wheel-making division of Firestone Tire & Rubber Company. The purchase was orchestrated by Bain Capital under the direction of Mitt Romney. Accuride's earnings rose 20 percent in the first year under Bain's watch, and the number of plants increased by 16 percent to 1,785. The success of the takeover and turnaround quickly put Romney and Bain on the map.
Recession and bankruptcy
In October 2009, the company sought legal protection from its creditors under Chapter 11 bankruptcy rules, and in November 2009 sought court approval to reorganize itself. On 26 February 2010, Accuride emerged from Chapter 11 bankruptcy with a new capital structure.
Acquisition by Crestview Partners
In 2016 Accuride was acquired by Crestview Partners, a New York–based private equity firm for $2.58 per share in cash. As part of the transaction, Accuride announced it sold its Brillion Iron Works subsidiary to Metaldyne Performance Group (MPG) for a total of $14 million.
From Wikipedia’s article on Accuride Corporation, shared under CC BY-SA 4.0.3