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.

KPS Capital is a New York-based private equity firm with more than $5.7 billion in assets under management. The PE firm has reached deals to buy TaylorMade Golf from Adidas along with steel abrasive manufacturer WHA Holding SAS.

There have been other deals involving commercial vehicle part manufacturers. Accuride Corp. (NYSE: ACW) bought KIC; Federal Signal Corp. (NYSE:FSS) has agreed to acquire Truck Bodies and Equipment International from GenNx360 Capital Partners; and Rev Group (NYSE: REVG) purchased Midwest Automotive Designs.

Goldman Sachs & Co. (NYSE: GS) and J.P. Morgan Securities LLC (NYSE: JPM) are advising the sellers. Harris Williams & Co. and Willkie Farr & Gallagher are advising the board. Paul Weiss Rifkind Wharton and Garrison LLP is representing KPS.