Trive Capital has sold AGM Automotive LLC to Flextronics International USA Inc. No financial terms were disclosed. Based in Troy, Michigan, AGM is a producer of engineered solutions for light vehicles, including lighting, overhead consoles, electronics and textiles.
Trive Capital (“Trive”) a Dallas, Texas-based private equity firm announced the sale of one of its portfolio companies, AGM Automotive, LLC (“AGM”), to Flextronics International USA, Inc. (“Flex”). Financial terms of the transaction were not disclosed.
AGM, based in Troy, Michigan and founded in 2001, is a global designer, innovator and producer of engineered solutions for light vehicles, including lighting, overhead consoles, electronics and textiles. The company leverages a global footprint underpinned by world-class engineering, production, assembly and supply chain management functions.
The Company was acquired by Trive in January 2014. During Trive’s three-year ownership period, AGM created significant value by successfully deploying several new product programs, launching three new facilities in the U.S., China, and Mexico as well as integrating two strategic acquisitions and adding to the team considerably. As a result, both sales and earnings grew substantially over the period.
Chris Zugaro, Partner at Trive, stated, “This transaction represents the culmination of a phenomenal three-year partnership with the AGM team. Since Trive’s initial investment in 2014, AGM expanded their global footprint, created significant operational efficiencies across the organization and produced a healthy pipeline of new business. It has been a privilege to work with the AGM team; we wish them the very best as they move forward as part of Flex.”
“During our partnership with Trive, we further bolstered our global reach, significantly expanded the team and grew our product offering. These improvements not only allowed us to manage an immense amount of growth but also furthered our position as a leading interior lighting and textile platform,” commented Bob Blinstrub, CEO of AGM. “We view this transaction as a key milestone in the history of AGM and look forward to our next phase of growth with Flex.”
Blake Bonner, Managing Director at Trive, said “We’re excited to announce our third successful exit. Our investment in AGM is another great example of what can be accomplished when a management team and capital partner collaboratively execute on a strategic plan. The outcome is a win-win for our investors, other AGM stakeholders and its new partner.”
ABOUT TRIVE CAPITAL
Trive Capital is a Dallas, Texas-based private equity firm investing in equity and debt securities with over $1 billion in capital under management. Trive focuses on investing in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. Trive seeks to maximize total returns to its investors through a hands-on, collaborative partnership with management teams and equity partners.