Cardone acquired by private-equity firm TPG

The private-equity firm TPG Capital L.P. has agreed to purchase Northeast Philadelphia-based automotive-parts remanufacturer Cardone Industries in a deal expected to close by year's end, Cardone announced Friday.

No terms were disclosed, but the family-owned company said it had signed definitive agreements to sell its North American operations to the private-investment firm.

TPG Capital will become the controlling shareholder and work with the family to "continue the company's growth," Cardone said in a statement.

"Over the past few months, Cardone explored a variety of options that would provide the company with an influx of capital to accelerate expansion and invest in the future growth of the company," said chairman and chief executive Michael Cardone Jr. "The acquisition of Cardone by TPG will strengthen our position to pursue new product lines and further enhance our competitiveness within the industry."

TPG Capital, which has $48 billion in assets under management, said it had been "extremely impressed" with Cardone, which manufactures new and used automotive parts in facilities on Rising Sun Avenue, in Texas, and abroad.

"With its diverse portfolio of remanufactured products for cars and light trucks, and unmatched reputation for quality and reliability, Cardone ensures its customers can meet the growing needs of the aging U.S. auto fleet," TPG Capital partner Kevin Burns said in a statement.