Cypress Group and GS Capital Partners acquired the Novi, Mich.-based auto parts supplier company in 2004 for $1.165 billion. The firms contributed $318 million of equity from GS Capital Partners IV LP and an undisclosed Cypress Group fund.
What Went Wrong?
Thanks to a nationwide slowdown in the demand for automotives, the company saw its year-over-year sales nearly halved in Q1. The company blamed its $1.1 billion in debt and the rise of raw material costs for its demise. The company filed for bankruptcy on August 3, 2009
The company received $175 million in debtor-in-possession financing from Deutsche Bank.