International Automotive Components Group S.A. said April 23 that it has completed a refinancing, issuing $215 million of loans to Gamut Capital Management LP. Proceeds were used to redeem $300 million of loans from IAC that were due in June. With the deal, Gamut has acquired a minority stake in IAC, which was founded by Wilbur Ross. The deal was announced April 6.
LUXEMBOURG, April 23, 2018 /PRNewswire/ — International Automotive Components Group S.A. (“IAC”), a global automotive and mobility leader in lightweight and new-material interior solutions, is pleased to announce the closure of its new financing transaction through the issuance of $215 million of Second Lien Notes due April 2023 to funds managed by Gamut Capital Management, L.P. (“Gamut”).
The proceeds along with cash on hand were used to redeem IAC’s $300 million 9.125 percent Senior Secured Notes due June 1, 2018. With this transaction Gamut also acquired a minority equity interest in the company.
The financing strengthens IAC’s balance sheet and provides the financial flexibility to pursue IAC’s investment strategy to upgrade its asset base and undertake customer projects.
Perella Weinberg Partners LP served as financial advisor to IAC and Jones Day served as its legal counsel. Jefferies Group, LLC served as financial advisor to Gamut and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as its legal counsel.
About IAC Group
Headquartered in Luxembourg, International Automotive Components (IAC) is a leading global supplier of automotive components and systems, including instrument panels, console systems, door panels, headliners and overhead systems to automakers around the world. The company’s 2017 sales were an estimated $4.4 billion. IAC Group operates more than 50 manufacturing facilities in 16 countries. The company has more than 60 total locations in 19 countries, including 19 design, technical and commercial centers, and employs more than 22,000 people globally. For more information, visit www.iacgroup.com.
About Gamut Capital Management
Gamut Capital Management, L.P. is a New York-based private investment firm managing $1 billion in assets focused on the middle market. Gamut was founded in 2015 by Stan Parker and Jordan Zaken who have over 35 years of combined private equity investing experience across a wide range of industries, in a broad spectrum of traditional and non-traditional private equity structures, and throughout economic cycles. Gamut’s senior deal professionals have executed investments in over 30 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.
About WL Ross & Co. LLC
WL Ross & Co. LLC is a private equity firm specializing in middle market, restructurings, buyouts, turnarounds and special situations. The firm is wholly owned by Invesco and part of its Invesco Private Capital Division.