Memphis-based Premium Guard, Inc. (PGI) has announced a $25 million agreement to purchase the intellectual property and other assets of Champion Laboratories, located in Albion. The deal comes after Champion Laboratories abruptly closed its doors on February 23, following the bankruptcy collapse of parent company First Brands Group—a move that resulted in hundreds of local factory workers losing their jobs.
The acquisition, which is subject to bankruptcy court approval, could impact some of the automotive industry’s most recognizable aftermarket brands and product lines, including FRAM filters, Luber-finer, PetroClear, Autolite, Champ, Trico, Anco, Exact Fit wiper blades, and AVM lift support products.
PGI officials say the agreement includes a purchase price of $25 million, plus quarterly payments equal to 1.25 percent of net sales, capped at $8 million. Industry sources note that the deal encompasses key know-how, patents, and engineering capabilities, particularly in wiper blades, spark plugs, and diesel filtration.
“This is a meaningful step forward for PGI,” said PGI CEO Anan Bishara in a recent industry trade publication. “The know-how, patents and engineering capabilities we are acquiring, particularly in wiper blades, spark plugs and diesel filtration, significantly strengthen our platform, enabling us to continue to develop advanced, reliable and complete solutions across multiple tiers.”
The fate of the Albion facility remains unclear at this stage of the transaction.
The collapse of First Brands Group has already led to the closure of 17 manufacturing plants across the US, resulting in more than 4,000 job losses nationwide. Some First Brands plants remain operational, thanks to advance payments from automotive giants Ford and Honda, who rely on First Brands for original equipment parts.
Meanwhile, First Brands CEO Patrick James and his brother Edward James are facing criminal charges in the US District Court for the Southern District of New York. The two are accused of siphoning off billions from the company to fund a lavish lifestyle. Both men are currently out on bond and awaiting trial.