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American Securities picks up car-part maker HHI from KPS Capital

10 Oct 2012

US buyout house American Securities has bought carpart maker HHI Group Holdings from turnaround specialist KPS Capital Partners.

The company is North America’s largest manufacturer of high-end, safety-critical components for the automotive industry, primarily in the light vehicle market.

Although financial details were not disclosed, the firm is reported to have paid more than $700m for the company.

KPS created HHI in 2005 in partnership with CEO George Thanopolous through a series of acquisitions, including Jernberg Forge, Impact Forge, FormTech Industries, and Cloyes Gear and Products.

American Securities managing director Kevin Penn said, “HHI is an excellent fit in our portfolio of companies as a leader in its market of highly specialised products.

“We look forward to working with a highly talented management team as we continue to strengthen and grow this business in the automotive-component market.”

Goldman Sachs acted as financial advisor to KPS and HHI.

Last week it emerged American Securities was leading the pack to acquire US car parts supplier Metaldyne, which Carlyle bought out of bankruptcy three years ago. The deal could reach as much as $800m.

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