Clearlake Capital buys Australia-based auto interiors firm
Clearlake Capital Group, the Los Angeles-headquartered PE firm, has made its first investment in Australia, buying Elders’ automotive business for A$69 million ($62 million), including debt. The divestment allows Elders to become a pure-play rural and farming services operation, while Futuris Automotive will have fresh capital to pursue growth opportunities overseas.
The transaction is still subject to Foreign Investment Review Board approval and is expected to close by the end of August, according to a statement.
Futuris produces automotive interiors - including seating and pedal and steering systems - for the likes of Ford Motor, General Motors and Toyota as well as Chinese domestic carmakers SAIC, Chery and Brilliance Auto. It claims annual sales of A$350 million.
The company employs 1,900 people, with facilities in Australia, Thailand, China and the US.
"This sale will allow us to increase our focus on supporting the day-to-day needs of our rural and regional clients, delivering a high level of service and security across our entire product and service range," said Malcolm Jackman, managing director at Elders.
Elders' operations cover livestock, wool, grain, farm supplies and agribusiness consultancy and finance.
Founded in 2006, Clearlake has committed approximately $3 billion over 70 investments. Current portfolio companies include online retailer Bluefly, legal services provider Inventus, whirlpool baths and hot tubs manufacturer Jacuzzi and oil field services specialist Platinum Energy Solutions.
In June it agreed to sell Solutionary, a US-based IT security and management services provider to Japan's Nippon Telegraph & Telephone (NTT).
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