Stellex Capital Management has formed a partnership with automotive industry veteran Bruce Swift to seek acquisitions in the sector. The private equity firm will invest at least $100 million into the platform.
Swift was most recently the CEO of chassis supplier Diversified Machine. He also held positions Metaldyne Performance Group and Ford Motor Co. (NYSE: F).
“Our primary focus areas are the manufacturing and industrial service businesses where we have significant experience investing over several economic cycles and maintain longstanding relationships with key industry participants,” says Stellex managing partner Ray Whiteman, who is a former Carlyle Group LP (Nasdaq; CG) partner.
Stellex is a New York-based middle market private equity firm that invests between $25 million to $100 million in deals valued up to $500 million. The firm focuses on the manufacturing, industrials, aerospace and defense, automotive and manufacturing sectors. Stellex has previously invested in manufacturing companies AFGlobal and Morbark, along with MHI Ship Repair and Services.
In other middle market auto-related deals, Adient plc is acquiring seat maker Futuris Global Holdings; Ardian purchased automotive Tube manufacturer Dynamic Technologies; GVS SpA has agreed to buy Kuss Filtration from Industrial Opportunity Partners.