Clearlake Capital Group is buying manufacturing business CNI Enterprises Inc. for an undisclosed amount.
CNI, headquartered in Madison Heights, Michigan, manufactures seat back panels, door inserts, head rests, seat covers and other interior trim products for car makers.
The deal is one of several automotive investments coming from private equity firm Clearlake, which invested in Futuris Global Holdings, a car seating company, for $63 million in 2013, and Sage Automotive Interiors, another auto interior business, in October. Going forward, CNI will operate under Futuris.
Sage recently made an add-on acquisition, picking up Miko Srl, which makes car fabrics, in April.
As sales of new and used cars picks up globally, we have seen several M&A transactions in the space. Flextronics International Ltd. (Nasdaq: FFEX) agreed to buy car mirror technology business Mirror Controls International for $508 million in May, and Gridiron Capital's acquisition of car repair business Dent Wizard in April.
For more on automotive trends, see 5 Buyers Find New Customers Abroad.