New York’s KPS Capital Partners (KPS) today announced Autokiniton Global Group (AGG) has entered into definitive agreements to acquire automotive supplier L&W Inc., headquartered in New Boston (south of Detroit Metropolitan Airport). Financial terms of the transaction were not disclosed.
KPS made the announcement of AGG’s creation simultaneously. It is KPS’s newest company and will pursue investments in the global automotive supply industry. George Thanopoulos will be AGG’s CEO and will become L&W’s executive chairman. Scott Jones will continue to serve as president of L&W and lead the company’s management team.
L&W is a Tier 1 supplier in the automotive industry, specializing in hot- and cold-metal stampings and welded assemblies. Its portfolio includes work in electrification, lightweighting, and emission reduction regulations. It operates 23 sales, engineering, and production facilities in the U.S. and employs more than 3,200 employees.
“KPS intends to invest a significant amount of capital in AGG to expand the business through acquisitions in the automotive parts industry globally, leveraging our industry knowledge, manufacturing expertise, and relationships on a global basis,” says Michael Psaros, co-founder and co-managing partner of KPS.
“Our previous initiative with George, HHI, consolidated and transformed the fragmented automotive forging industry in North America, creating a company that provided its customers with stable industry leadership and world-class products, quality, technology, and service.
Completion of the transaction is expected in spring 2018.