Gores Group Completes European AcquisitionTuesday, February 14, 2012
The Gores Group on Tuesday said it closed acquisition of the Hay Group, a German maker of forged and machined components used in automobiles and commercial vehicles.
Hay Group is based in Bad Sobernheim and specializes in making engines, gear boxes and axles. It employs more than 1,600 people. Gores Group, the Westwood investment firm headed by billionaire financier Alec Gore, said it hopes to expand Hay’s operations into Asia.
“The Hay Group provides the Gores Group with a tremendous opportunity to expand upon our current automotive supplier industry holdings, particularly in the provision of strategic products to key German vehicle manufacturers and other tier I suppliers,” said Fernando Goni, Gores managing director, in a statement.
Financial terms of the deal were not disclosed.
In January, Gores Group acquired U.S. parts retailer Pep Boys for $791 million. It also has been increasing its presence in Europe, with recent investments in Mexx, Sagem Communications, Siemens Enterprise Communications and Vincotech.