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KPS Capital Partners Announces Completion of Sale of Portfolio Company HHI Group Holdings
- Client News
- October 8, 2012
Long-time Paul, Weiss client KPS Capital Partners (KPS) completed the sale of its portfolio company HHI Group Holdings (HHI) to American Securities. HHI is the largest North American manufacturer of highly engineered, safety-critical forged components for automotive customers, principally in the light vehicle market and a leading manufacturer of complex, highly engineered powdered metal powertrain components and wheel bearings. HHI was created by KPS in September 2005 in partnership with George Thanopoulos, HHI's Chief Executive Officer and built through a series of acquisitions of formerly underperforming businesses or assets operating in bankruptcy or in distress.
With KPS' leadership, HHI acquired Jernberg Forge, Impact Forge, FormTech Industries and Cloyes Gear and Products, among others. KPS and HHI executed remarkable turnarounds and transformed these previously underperforming businesses into a diversified, value-added, highly specialized company in the automotive industry and one of the largest automotive forging companies in the world. Financial terms of the transaction were not disclosed.
The Paul, Weiss team advising KPS included corporate partners Carl Reisner and Thomas de la Bastide; employee benefits counsel Erin Murphy; environmental counsel William O'Brien; intellectual property counsel Claudine Meredith-Goujon; litigation partner Maria Vullo; real estate partner Peter Fisch; and tax partner David Mayo.