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Farmington Hills, Mich.-- Beringea, a global investment bank specializing in automotive and manufacturing transactions, served as financial advisor to Tier One automotive supplier Collins & Aikman (C&A) in the sale of its Exterior Plastics business unit to Flex-N-Gate. The divestiture was part of Collins & Aikman's larger bankruptcy proceeding, resulting in the dismantling of the $2.9 billion company. Terms of the deal were not disclosed.
Flex-N-Gate is a growing, international group of companies with manufacturing operations in the automotive plastics and metal forming industries, among others, and has vehicle content on virtually all major automotive nameplates. Its purchase of C&A's Exterior Plastics unit will keep three plants, previously slated for closure, open.
Beringea's Kevin Heckman managed the transaction and stated that "Beringea worked closely with C&A, the secured creditors and primary customer Chrysler to develop a plan to transition the business to a suitable acquirer. Ultimately, the sale to Flex-N-Gate benefits all parties involved, which is an optimal outcome for a bankruptcy transaction."
ABOUT BERINGEA
Beringea, LLC is an international private equity and investment-banking firm with offices in Detroit, Los Angeles, London and Shanghai. Its commitment to completing difficult transactions has earned it the praise of major multi-national organizations drawn from a broad spectrum of industries. www.beringea.com. |
