Forged components supplier HHI acquired by private equity firm
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DETROIT -- The New York City private equity firm American Securities LLC has acquired HHI Group Holdings LLC, which makes automotive forged components.
Financial terms of the deal were not disclosed in today's announcement. The deal closed Oct. 5.
American Securities acquired the supplier from another New York private equity firm, KPS Capital Partners LP.
HHI Group, based in suburban Detroit, employs 3,000 and operates 15 plants in Michigan, Arkansas, Illinois, Indiana and Ohio.
KPS created HHI, which stands for Hephaestus Holdings Inc., in 2005 from several bankrupt assets of Jernberg Forge, Iron Mountain Forge, Impact Forge, Omni Forge and Net Forge. In 2008, through its Kyklos Bearing International subsidiary, HHI acquired Delphi's wheel bearings business.
American Securities manages $8 billion in holdings, including GT Technologies, another Michigan-based company that supplies valve train components.
