KPS Capital Partners LP has agreed to acquire a majority stake in auto parts maker DexKo Global Inc. from the Sterling Group. Sterling is going to keep a minority stake in the target.
DexKo, located in Novi, Michigan, makes gears, chassis and axles mainly for trailers and caravans. The company was formed in 2015 when Sterling merged Dexter Ale and Al-Ko Vehicle Technology. Financial terms of KPS' investment were not disclosed.