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Gores Group acquires Sage Automotive Interiors

The Gores Group, a Los Angeles-based private equity firm, today announced that it has partnered with management to acquire Sage Automotive Interiors, Inc. a leading supplier of high-performance specialty fabrics, from an affiliate of Azalea Capital, LLC. Financial terms of the transaction were not disclosed. Headquartered in Greenville, South Carolina, Sage is one of the worlds leading providers of automotive bodycloth, including a range of knitted and woven technical t

17th May 2011

Innovation in Textiles
 |  Los Angeles

Transport/​Aerospace

Gores Group acquires Sage Automotive Interiors

The Gores Group, a Los Angeles-based private equity firm, today announced that it has partnered with management to acquire Sage Automotive Interiors, Inc. a leading supplier of high-performance specialty fabrics, from an affiliate of Azalea Capital, LLC. Financial terms of the transaction were not disclosed.

Headquartered in Greenville, South Carolina, Sage is one of the worlds leading providers of automotive bodycloth, including a range of knitted and woven technical textiles, to many of the worlds leading automobile manufacturers. Sage has global offices and manufacturing locations in the U.S., Brazil, United Kingdom, China, Korea and Japan and has contract manufacturing relationships worldwide. Sage currently employs approximately 1200 people globally.

"The existing management team, led by CEO Dirk Pieper, has done an exceptional job forging a strong reputation with Sages loyal customers by continuing its unrelenting focus on design, quality and manufacturing excellence," Jordan W. Katz, Managing Director of Gores told The Financial Post. "We are pleased to be partnering with this dedicated management team to leverage its market position and accelerate growth and product innovation in the U.S. and abroad.

The Gores Group has a superb history of supporting the businesses it acquires. I am confident that Gores financial resources and operational expertise will provide us with an enhanced ability to pursue our organic growth strategies including deeper penetration internationally and new product development, as well as to target strategic acquisitions, said Dirk Pieper, Chief Executive Officer of Sage. I believe the partnership with Gores will strengthen our position within the global automotive market.

The Gores Group does not anticipate any significant changes to Sages operations or organizational structure. The Company will continue to be based in Greenville, SC and there are no plans to alter its manufacturing footprint.

Source: The Financial Post

 

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