DALLAS, Jan. 16, 2020 /PRNewswire/ -- TransAxle LLC ("TransAxle") is pleased to announce that experienced industrial executive, Mark Rohde, has been appointed CEO, replacing TransAxle's long-time CEO, Dave Olsen. TransAxle's new equity partner, Crossplane Capital ("Crossplane"), would like to acknowledge the significant contributions of Mr. Olsen, who has led the company since 2010. "I'm humbled and proud of the transformation the team at TransAxle has been able to achieve during our time working together. Crossplane and I mutually agreed it was time for a new leader to fully unlock the potential of an already great company," stated Dave Olsen.
"Dave has been a tremendous partner as we worked through the acquisition process, and he will continue to support TransAxle through an extended transition period. Mark and Dave will work closely to ensure all stakeholders are supported through this change," added Ben Eakes, Partner at Crossplane Capital. "With his extensive background leading transformational change for a number of industrial companies, we believe that Mark is a perfect fit to continue driving TransAxle's growth, and we are excited to be partnering with him."
Mark Rohde commented, "I'm honored to have the opportunity to lead the TransAxle team as we work to reach even higher levels of performance for our customers, employees, partners, and stakeholders. I want to thank Dave for his ongoing assistance as we work collaboratively on the transition, and I wish him the best going forward."
About TransAxle LLC
TransAxle, founded in 1979, is the largest East Coast remanufacturer of transmissions, differentials, hydraulic pumps and other specialized components for the light to heavy-duty truck markets which includes on highway and off highway applications. TransAxle has developed a reputation for providing important truck components on a same day or next-day basis to minimize customer downtime. It also serves as a distributor of brake and clutch products, specialty drivetrain components and hydraulic parts to a broad range of customers. For more information visit www.transaxle.com.
About Crossplane Capital
Crossplane Capital is a private equity firm based in Dallas investing control equity in industrial business services, niche manufacturing and value-added distribution businesses. The firm invests in companies with up to $200 million of revenue and significant value creation upside through prudent net working capital management, rigorous cost optimization and thoughtful revenue growth. Crossplane's team has eight decades of collective experience transforming industrial companies as senior executives, operational improvement consultants, strategy consultants, restructuring advisors and private equity investors. As a result, Crossplane brings a sophisticated operating model and collaborative culture to lower middle market industrial companies. For more information, visit www.crossplanecapital.com.
SOURCE Crossplane Capital