Private equity-backed Sage Automotive Interiors has acquired Miko Srl, which makes interior fabrics for cars, for an undisclosed amount.
The deal is one of many we have seen in the car-parts sector recently, as car sales have ticked upwards globally.
Miko, headquartered in Gorizia, Italy, makes non-woven fabrics. The company specializes in a product called Dinamica, a microfiber fabric made from recycled products and mainly used for car coverings.
The deal, which was announced on Earth Day, expands Sage’s offerings. “Dinamica has a strong reputation in the marketplace where a premium or luxurious feel is desired. The sustainable aspects are a natural fit with our record of sustainable products,” says Dirk Pieper, Sage’s CEO.
Sage, headquartered in Greenville, South Carolina, makes cloth for the seating, doors and panels of cars. The company has been backed by PE firm Clearlake Capital Partners since October.
Other recent auto-related deals have come from Gridiron Capital, which acquired car-service company Dent Wizard, and Avis Budget Group Inc. (Nasdaq: CAR), which closed the $160 million purchase of Maggiore Group in April.