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Carlyle exits axle manufacturer

AxleTech International will join the armament and technical products division of defense industry contractor General Dynamics.

The Carlyle Group has exited Troy, Michigan-based AxleTech International for an undisclosed amount in a sale to defense industry contractor General Dynamics.

Washington, DC-based Carlyle purchased the heavy duty vehicle components company in October 2005 for an undisclosed amount from private equity firm Wynnchurch Capital.

Carlyle made the investment in AxleTech from the Carlyle Partners IV fund which closed on $7.9 billion in 2005.

AxleTech manufactures products including axles, independent suspensions, and brakes for military vehicles, commercial specialty trucks and off-highway machines. The company will become part of General Dynamics’ armament and technical products division.

Carlyle has more than $91 billion in assets under management across 66 funds investing on six continents.