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Sunday, Feb 25, 2024

Gores Group Acquires Sage Automotive Interiors

The Gores Group LLC. on Monday said that it has partnered with management to acquire Sage Automotive Interiors, which makes textiles for automobile seats and other interior areas.

Sage Automotive, based in Greenville, S.C., makes knit and woven automotive bodycloth for leading automobile manufacturers, though specific companies were not named. It employs about 1,200 people, has manufacturing locations in the United States, Brazil, the United Kingdom, China, Korea and Japan and has contract manufacturing relationships worldwide.

Financial terms of the deal with Sage Automotive’s majority owner, which is an affiliate of Greenville investment firm Azalea Capital LLC, were not disclosed.

“The existing management team, led by Chief Executive Dirk Pieper, has done an exceptional job forging a strong reputation with Sage’s loyal customers by continuing its unrelenting focus on design, quality and manufacturing excellence,” Jordan W. Katz, Gores managing director, said in a statement. “We are pleased to be partnering with this dedicated management team to leverage its market position and accelerate growth and product innovation in the U.S. and abroad.”

The Gores Group said it did not anticipate making significant changes to Sage’s operations or organizational structure.

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