Cyprium Partners said Oct. 18 that it invested subordinated debt and equity Irvin Automotive Products Inc. Financial terms weren’t announced, Cyprium’s investment is part of Piston Group’s buy of Irvin Auto from Takata Corp that was previously announced. Pontiac, Michigan-based Irvin makes automotive seat covers, headrests, sun visors, armrests and cargo shades.
October 18, 2016 03:00 AM Eastern Daylight Time
CLEVELAND–(BUSINESS WIRE)–Cyprium Partners, a non-control private equity firm, is pleased to announce its new subordinated debt and equity investment in Irvin Automotive Products, Inc. (Irvin). The investment was used to facilitate an acquisition of the business by Detroit entrepreneur Vinnie Johnson from Takata Corporation. Irvin will operate separate from Piston Group, another automotive business owned by Mr. Johnson, and will continue to be run by Irvin’s current management team led by Joseph Finn. This investment was the twelfth transaction from the firm’s Cyprium Investors IV fund, which closed in December 2014.
Founded in 1922 and headquartered in Pontiac, Michigan, Irvin is a leading manufacturer of automotive seat covers, headrests, sun visors, armrests and cargo shades with operations in Del Rio, Texas; Acuña, Mexico, and Sabinas, Mexico. It also has a growing business providing seating products to customers in the mass transit, airline and furniture industries. See www.irvinautomotive.com.
“Cyprium’s experience in providing junior capital to entrepreneur- and family-owned businesses made this a natural fit for both Irvin and Cyprium,” said Dan Kessler, a Partner at Cyprium Partners. “We are impressed with the high quality of the company’s operations and its strategic role in the North American automotive supply chain. Irvin’s management team should be complimented on the company’s success. Providing capital into such a compelling transaction is a privilege for Cyprium and we believe that the participation of Mr. Johnson will be an extraordinary catalyst for growth. We look forward to working with Mr. Johnson, Mr. Finn and the rest of the Irvin team over the coming years.”
About Cyprium Partners
Cyprium Partners is a private equity firm focused on non-control (minority ownership) investments. Cyprium utilizes a combination of subordinated debt, preferred stock, and/or common stock to enable privately-held businesses, entrepreneurs, and management teams to achieve their financial and strategic objectives. With offices in Cleveland, New York, and Chicago, the firm invests $10 million to $60 million per transaction in U.S. and Canadian companies with $8 million or more of EBITDA. Learn more about Cyprium Partners at www.cyprium.com.
About Irvin Automotive Products
Irvin Automotive Products, Inc. is a leading producer of automotive trim products, including seat covers, headrests, cargo shades, center and door armrests, sun visors and bolsters. The company also supplies products to a variety of aerospace, medical, military and mass-transit customers, as well as consumer goods for the furniture and apparel industries. Irvin utilizes the latest in 3D modeling and rapid prototyping and its technologies include sonic welding, heat transfer, embroidery and programmable sewing, as well as robotic applications. With annual sales of approximately $500 million, the company employs 7,000 people with headquarters in Pontiac, Michigan, and facilities in Del Rio, Texas; Acuna, Mexico, and Sabinas, Mexico.