Automotive leather supplier sold
09/04/2008
Tokyo-based private equity firm Advantage Partners has announced that it has entered into an agreement to acquire 100% of GST AutoLeather, Inc, a global supplier of automotive leather, from SILLC Holdings.
GST provides leather upholstery for automotive seating and trim and supplies many of the world’s major automotive original equipment manufacturers, including Toyota, Honda, General Motors, Chrysler, Ford, Volkswagen, SAIC, and Nanjing.
The company has been a supplier of leather interiors to the automotive industry for more than 70 years. It has manufacturing operations in Mexico and China and sales offices throughout the world.
On announcing the transaction, Dennis Hiller, chief executive of GST, said: “It has been a pleasure to work with the senior management team of Advantage Partners. I have been truly impressed with their professionalism and knowledge of our industry. It is evident that Advantage Partners and the management team of GST share the same vision of building the world’s best automotive leather company. Advantage Partners’ resources will allow GST to realise its growth potential, while maintaining its core principle of providing maximum value to our customers.”
Advantage Partners plans to support the company’s market expansion strategies, including its pursuit of the fast growing China automotive market.
Advantage Partners representative Richard Folsom commented: “We believe GST AutoLeather has significant growth potential in the key markets in which it currently competes, as well as in newer markets such as China and the rest of Asia. We look forward to supporting management in executing its growth strategy globally.”
GST has its headquarters in Southfield, Michigan. It says its engineers and technical experts work closely with many of the world’s car marques and their tier-one suppliers “to conceive, design, and develop new generations of leather for the global automotive market”.
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