A Japanese conglomerate has acquired Greenville-based Sage Automotive Interiors.
Clearlake Capital Group, the California-based investment firm that purchased Sage in 2014, announced last week that it sold the company to Tokyo-based Asahi Kasei Group for a cash transaction price of approximately $700 million, according to a news release.
Sage was formed in 2009 by former Spartanburg-based Milliken & Co. executives Dirk Pieper and Brian McSharry and the investment firm Azalea Capital, LLC.
The company’s core business is in the production of cloth for seating, door panels, and headliners for automotive manufacturers. It has offices and production facilities in the United States, Italy, Poland, Romania, Brazil, and China. Sage also has a “long-standing business relationship” with Asahi Kasei Group, according to the release.
Asahi Kasei Group owns a collection of companies with operations in the chemicals and fibers, homes and construction materials, electronics, and health care business sectors, according to the release. It currently provides “Lamous microfiber suede” to Sage.
“This acquisition highlights Sage’s success and provides a strong platform to help drive our continued growth,” Pieper said in a statement.
Pieper, who currently serves as CEO of Sage, added that his company was “able to successfully pursue our vision of creating a unique, global platform” under the leadership of Clearlake Capital Group.
During Clearlake’s four-year ownership, Sage expanded its product offering and sales reach throughout Europe and Asia, according to the release.
The company, for instance, acquired Italian manufacturers Miko S.r.l. and Apollo S.p.A. and invested further in its Sage Wuhan joint venture in China.
“Our original investment thesis four years ago was to partner with Sage’s management team and aggressively grow the platform by expanding both its product portfolio and geographic footprint,” Clearlake managing partner and co-founder José Feliciano said in a statement. “We are proud that, alongside Dirk and his team, we were able to meaningfully scale the platform and generate significant value.”
Asahi Kasei’s takeover of Sage is expected to result in enhanced access to vehicle manufacturers and their suppliers, comprehensive vehicle interior designs, and solutions utilizing the company’s design and marketing capabilities.
“We look forward to working with Asahi Kasei as we continue to execute our strategy and deliver the highest-quality product to our customers worldwide,” Pieper said.
The transaction between Clearlake and Asahi Kasei is subject to customary closing conditions and regulatory approvals, according to the release.
For more information, visit sageautomotiveinteriors.com.
