The Gores Group, a leading Los Angeles-based private equity firm, announced today that it has partnered with Andy Greenlee, the CEO, and several members of the management team to purchase US Farathane Corporation. US Farathane is a leading solutions partner to the North American automotive industry providing highly engineered plastic injection-molded components. US Farathane offers a wide range of full-service support from black box design concepts to highly engineered composites, as well as specialized extrusion and compression technologies. The Gores investment will be used to drive further growth both domestically as well as internationally.
The deal was sourced on a proprietary basis through The Gores Group’s relationship with Evergreen Capital Partners who also co-invested in the deal. Angle Advisors acted as 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. Weil, Gotshal & Manges acted as legal advisor to The Gores Group.
US Farathane has built a foundation of excellence offering customers world-class full-service design, engineering, manufacturing and quality control capabilities. US Farathane utilizes material expertise to provide conventional as well as highly technical injection molding, compression molding, and extrusion solutions. The company is headquartered in Auburn Hills, MI, with ten manufacturing facilities throughout the United States.
“The Gores Group is the ideal partner for the next step of US Farathane’s evolution,” said Andy 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. We could not be more excited about this partnership and what it means to our customers and employees.”
“US Farathane represents a compelling opportunity to partner with a world-class management team that has a proven track record of growth and execution,” added 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. The 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.