DETROIT (Reuters) – Private equity firm Patriarch Partners has agreed to take a controlling stake in U.S. auto parts supplier Dura Automotive Systems by investing up to $125 million of capital, the investment company said on Friday.
Patriarch Partners, which has built a $7 billion investment house by acquiring distressed companies, said it plans to merge Dura with the assets of Global Automotive Systems, a group of small parts suppliers already owned by Patriarch.
Rochester Hills, Michigan-based Dura emerged from nearly two years in Chapter 11 bankruptcy restructuring in June 2008 and went private in January this year. It had sales of $1.75 billion in 2008 and has 9,800 employees in 16 countries.
(Reporting by Soyoung Kim; Editing by Phil Berlowitz)