DETROIT — After rising from chapter in late Might, longtime provider Dura Automotive as soon as once more has new house owners.
Lexington, Ky.-based personal fairness agency MiddleGround Capital acquired a majority stake within the physique techniques provider from Bardin Hill Funding Companions.
Phrases of the deal weren’t disclosed, however based on MiddleGround’s web site, the agency’s investments vary from $75 million to $250 million. In line with a press launch, two of Middleground’s companions are Toyota Motor Corp. veterans.
“We’ve got been looking for a chance to put money into a enterprise as well-positioned as Dura to capitalize on essentially the most disruptive traits within the automotive business,” companion John Stewart stated in an announcement. Stewart spent 18 years at Toyota. “From at the moment’s give attention to electrification of the powertrain and car lightweighting to among the longer-term shifts towards autonomous driving and linked automotive, Dura is and can proceed to be a driving drive in an business present process main transformation. We’re delighted to assist Dura on its journey.”
Detroit space personal fairness agency The Charlton Group Inc. is a minority proprietor of Dura within the deal.
Kimberly Rodriguez, a longtime auto business turnaround guide and present CEO of Andra Rush’s trucking empire Rush Trucking, was named Dura’s CEO, the corporate stated in a press launch. Her appointment is efficient Sept. 1.
Rodriguez joined Rush in February from Detroit-based Huron Consulting Group, the place she served as a senior guide. At Huron, she assisted within the bankruptcies and restructuring of a number of then-distressed auto suppliers, together with Tower Automotive, Dura Automotive, Revstone Industries and Collins & Aikman, amongst others.
Staff at Dura had been knowledgeable of the deal and the incoming CEO Thursday morning.
The deal marks the third proprietor of the corporate since financier and former proprietor Lynn Tilton’s Patriarch Companions entered the U.S. property of Dura underneath Chapter 11 bankruptcy protection in October 2019. The MiddleGround deal was for all the world firm with 6,700 staff in 13 international locations and income of $870 million final yr.