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In 2018, Genstar acquired BBB and in partnership with management sought to expand its environmental, social and governance (ESG) impact from sustainable manufacturing processes solely in the automotive aftermarket into new segments to support renewable energy.
Notably, the company’s newest division, TerrePower, utilizes manufacturing processes that transform an original part that has lived through its first useful life into a sustainably manufactured part that has a second or even third life. Electric vehicle batteries that fail and degrade over time are now given additional life in a battery electric vehicle or in stationary storage and solar panels once destined for landfills are now sustainably manufactured and put back into use. BBB does business in 64 countries through five divisions with multiple sustainable manufacturing facilities and distribution centers located throughout North America and Europe, the company says.
“We extend and improve the useful life of critical parts and at the same time prevent materials from entering the waste stream by sustainably manufacturing products for a second life. We are proud to be a carbon neutral manufacturer with a focus on reusing products to reduce waste and protect the environment while providing valuable components and service to our customers. Genstar has been a great partner over these past several years and we are pleased to continue with them given their ongoing investment in the company,” says BBB CEO Duncan Gillis.
“At the time we acquired BBB, the company was already having a meaningful impact on sustainability within the automotive aftermarket, but we saw an opportunity to make that impact much broader across other segments of the economy. Our goal was to help transform the company through strategic acquisitions to expand its product portfolio, build its geographic footprint in Europe and develop BBB’s sustainable manufacturing capabilities into electric vehicles and renewable energy. The company has succeeded on all fronts,” says Rob Rutledge, Genstar managing director.
“ESG factors are a key consideration in all Genstar investments, and we are encouraged with BBB offsetting approximately 100,000 metric tons of carbon emissions annually. We thank BBB’s management team for their leadership and strategic vision over the past four years and are excited to continue as investors in the company,” Rutledge says.