Supplier Metaldyne Performance files for stock offering

UPDATED: 8/23/14 4:18 pm ET - adds merger details

Metaldyne Performance Group Inc., a holding company for three auto suppliers combined earlier this month by private equity firm American Securities LLC, filed with U.S. regulators for an initial public offering of its common shares.

The filing on Friday, which included a fundraising target of about $150 million, did not reveal how many shares the company planned to sell or on which exchange it intended to list its stock.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Metaldyne Performance, which intends to list its stock under the symbol "MPG," said all the shares in the offering would be sold by the selling stockholders.

The company, based in Plymouth, Mich., a Detroit suburb, makes metal-based components for the light-vehicle market. Its customers include General Motors Co., Ford Motor Co. and TRW Automotive Holdings Inc.

On Aug. 4, American Securities announced it would merge three of its companies to form Metalydyne Performance: Metaldyne LLC, HHI Group Holdings and Grede Holdings LLC.

American Securities in June completed its acquisition of Grede in a deal valued at about $800 million. American Securities acquired Metaldyne from Carlyle Group for about $820 million in 2012. The private equity firm also acquired HHI in 2012. 

In the merger announcement earlier this month, George Thanopoulos, the CEO of HHI Group, was named CEO of Metaldyne Performance. He will also continue to run HHI’s day-to-day business, the company said.

Thomas Amato, the CEO of Metaldyne LLC, and Doug Grimm, the CEO of Grede, were named co-presidents of the holding company. They will continue to run their two companies as units of Metaldyne Performance. 

Amato has headed Metaldyne since succeeding Tim Leuliette in early 2008. 

According to the filing, if its finances were grouped together as one company, Metaldyne Performance would have posted net income of $38 million on revenue of $1.2 billion during the first half of 2014, compared with net income of $41.5 million on revenue of $1.0 billion during the same period a year ago. 

Merrill Lynch, Pierce, Fenner & Smith, Goldman Sachs and Deutsche Bank Securities Inc are the lead underwriters for the offering, the company said.

Philip Nussel and Reuters contributed to this report.

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