The Gores Group, a Los Angeles‐based private equity firm, announced today that it has purchased US Farathane Corporation, a leading provider of high-quality plastic components to the North American automotive industry, a press release said.
Terms of the transaction were not disclosed. The investment will be used to boost the company’s growth both domestically and internationally, Business Wire said.
“The Gores Group is the ideal partner for the next step of US Farathane’s evolution, ” said CEO Andy Greenlee. “We look forward to expanding our culture through strategic acquisitions, expanding our global footprint and adding technology to our arsenal.
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“The expertise The Gores Group provides will be critical in moving US Farathane to the next level as a solution based and value driven provider”, he said.
With ten manufacturing facilities through the United States, and headquartered in Auburn Hills, MI, US Farathane Corporation is a leading solutions partner to the North American automotive OEMs providing functional black plastic, and interior and exterior plastic components. Its customers include Chrysler, Ford, General Motors, Honda and Toyota, the press release said.
“US Farathane represents a compelling opportunity to partner with a world-class management team that has a proven track record of growth and execution, ” said Steve Yager, Senior Managing Director of The Gores Group. “We are excited to partner with Andy Greenlee and the management team to meet the growing needs of customers with new products focused on efficiency and enhancing the existing product portfolio.”
The Gores Group, founded in 1987 by Alec Gores, is a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base, Business Wire said.
The 25-year-old firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London, the press release said.