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Article: KPS Portfolio Co. Goes for Metaldyne Assets.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- August 3, 2009
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Byline: Jonathan Marino
A pair of private equity firms are vying for separate parts of Metaldyne Corp. assets; Hephaestus Holdings, a KPS Capital company, and Revstone will look to buy much of the bankrupt auto parts maker's chassis business.
The automotive sector, virtually across the board, wears tire tracks on its back after being especially hard hit during the recession. GM's and Chrysler's respective bankruptcies set off a chain of events affecting companies serving them from parts makers to GPS trackers.
Revstone has been making distressed acquisitions lately; earlier this year, it bought six plants from bankrupt auto parts maker Contech. ...