“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.”
US Farathane is a plastic injection-molding company that provides functional black plastic and interior and exterior plastic components to North American automotive OEMs. Customers include Chrysler, Ford, General Motors, Honda, Toyota and several other large global OEMs. The company has annual sales of approximately $450 million and has 2,500 employees. US Farathane has 10 manufacturing facilities located throughout the US and is headquartered in the Detroit suburb of Auburn Hills (www.usfarathane.com).
“The Gores Group is the ideal partner for the next step of US Farathane’s evolution,” said Mr. Greenlee. “We look forward to expanding our culture through strategic acquisitions, expanding our global footprint and adding technology to our arsenal. 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.”
This transaction was sourced through The Gores Group’s relationship with Evergreen Capital Partners (www.evergreencappartners.com) who also co-invested in the transaction. Angle Advisors (www.angleadvisors.com) was the exclusive financial advisor to US Farathane.
BofA Merrill Lynch, Barclays and Morgan Stanley acted as financial advisors to The Gores Group, and along with Wells Fargo Capital Finance and KKR Capital Markets, provided the financing for the transaction.
The Gores Group makes control investments in non-core, underperforming or undervalued businesses in the United States and Europe. The firm maintains an in-house team of over 60 M&A and operations professionals in the US and Europe. The Gores Group was founded in 1987 and is headquartered in Los Angeles with additional offices in Boulder, CO and London, UK (www.gores.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-13-15