Cerberus Completes Sale of Guilford Mills
NEW YORK, June 7, 2012 /PRNewswire/ -- An affiliate of Cerberus Capital Management, L.P., one of the world's leading private investment firms, has completed the sale of Guilford Mills, a global leader in automotive and specialty fabrics, to Lear Corporation, a leading global supplier of automotive seating and electrical power management systems, for a total purchase price of $257 million. The transaction closed on May 31, 2012. An affiliate of Cerberus acquired Guilford Mills in 2004.
"Guilford Mills' successful transformation into a leading automotive and specialty fabrics manufacturer demonstrates the powerful combination of capital resources and operational expertise coupled with a strong management team and empowered workforce," said Chan Galbato, CEO of Cerberus Operations and Advisory Company and former Chairman of Guilford Mills. "With Cerberus's support, Guilford has rationalized its manufacturing footprint, introduced new industry leading products and built one of the strongest management teams in the industry."
Dev Kapadia, a Cerberus Managing Director, added, "We are pleased to have completed the sale of Guilford Mills to Lear, a world-class company. We are proud to have contributed to Guilford's significant accomplishments over the course of our successful investment in the company. The sale to Lear fulfills one of our key objectives, which is to position this business with a leading entity which will take Guilford to an even higher level of performance and success."
Guilford's annual sales of approximately $400 million are derived from automotive interior applications, including seat fabric, as well as specialty products for end markets including water filtration, window covering, performance apparel, medical and other industrial applications.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus has more than US $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world.
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SOURCE Cerberus Capital Management, L.P.