Beverly Hills private equity firm Gores Group announced Thursday that it sold Sage Automotive Interiors to Clearlake Capital Group, a private equity firm in Santa Monica. Terms were not disclosed.
Sage, headquartered in Greenville, S.C., manufactures fabrics for car interiors. The company sells to Ford, General Motors, Toyota and other auto makers. Gores Group, run by local billionaire Alec Gores, reports Sage is the world’s second largest supplier of fabrics for car upholstery.
“We believe Sage is extremely well positioned for the future, and we are excited for the Sage team to have strong support from their new financial partners to take the business to new levels of success and performance,” Steve Yager, Gores’ head of mergers and acquisitions, said in an Oct. 9 press release announcing the deal.
“We look forward to working with Sage’s talented management team and dedicated employees as we build on Sage’s plan and vision, with a continued focus on supplying the best products while also focusing on sustainability,” Clearlake founding partner José E. Feliciano said in a separate Oct. 9 press release.