Clearlake Capital Group LP has closed a A$69 million (U.S. $62.8 million) deal for Futuris Automotive.
Port Melbourne, Australia-based Futuris designs, manufactures and supplies seating and interior systems for equipment manufacturers, including GM (NYSE: GM), Ford Motor Co. (NYSE: F), Toyota Motor Corp. (NYSE: TM) and Tesla Motors Inc. (Nasdaq: TSLA). Products include door trims and floor carpets.
Clearlake plans to focus on increasing Futuris’ product portfolio and expanding the company’s reach in Asia.
Clearlake, headquartered in Santa Monica, Calif., manages more than $1.4 billion in assets. The private equity buyer recently closed deals for online discount retailer Bluefly Inc., and Agilysys Inc.’s retail services unit.
Futuris was sold by Elders Ltd. (ASX: ELD), an Adelaide, Australia-based company that offers agriculture, international trading, insurance, financial planning and real estate services.
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