KPS Capital Partners Portfolio Company, Chassis Brakes International Group, Acquires Business Of Autocast and Forge Pty Limited
NEW YORK, Nov. 26, 2012 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") today announced that its portfolio company Chassis Brakes International Group ("CBI" or the "Group") has acquired substantially all of the assets of Australian-based Autocast and Forge Pty Ltd ("ACF"), through an indirect, wholly-owned subsidiary. ACF's assets were acquired free and clear of substantially all liens, claims and encumbrances through ACF's voluntary administration process. Financial terms of the transaction were not disclosed.
ACF is Australia's largest independent cast iron foundry serving the automotive industry, primarily engineering and manufacturing specialized castings. ACF's customers include a majority of Australian automotive manufacturers. ACF employs approximately 100 employees at its single facility in Seven Hills, New South Wales.
KPS purchased CBI from The Bosch Group in May 2012 with a strategic plan to grow the business as an independent enterprise. With this acquisition, CBI has expanded and strengthened its manufacturing capabilities in Australia through vertical integration and has solidified its position as the largest manufacturer of automotive foundation brakes and foundation brake components in Australia.
About Chassis Brakes International Group
CBI is one of the world's three largest manufacturers of automotive foundation brakes and foundation brake components. CBI's primary products, which include brake calipers, disk brakes, drum brakes and parking brakes, are sold directly to original equipment manufacturers and through various aftermarket channels. The Group employs approximately 5,900 associates at 21 manufacturing facilities and engineering centers in Europe, Asia, South America and Australia.
About KPS Capital Partners, LP
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with $2.6 billion of assets under management focused on constructive investing in corporate carve-outs, restructurings and other special situations. KPS has executed highly complex corporate carve-out transactions on a global basis, and has acquired businesses from numerous Global Fortune 500 companies. The KPS investment strategy targets manufacturing and industrial companies with strong market positions that are going through a period of transition or experiencing operating or financial difficulties. For over two decades, the partners of KPS have worked with the management teams and associates of its portfolio companies to improve operating and financial performance by focusing on cost reduction, efficiency, operational excellence and strategic growth initiatives. KPS Portfolio Companies, as of September 30, 2012, have aggregate annual revenues of approximately $7.2 billion, operate 89 manufacturing plants in 25 countries, and employ over 30,000 associates, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at the firm's website: www.kpsfund.com
SOURCE KPS Capital Partners, LP