Private Equity Groups

Fiat Chrysler exploring $3.3 billion sale of auto parts unit Magneti Marelli, report says

4:45 pm U.S. ET | July 17, 2015

Fiat Chrysler Automobiles is considering whether to sell its auto parts maker Magneti Marelli after receiving interest from potential buyers, sources familiar with the matter told Reuters. At least two private equity funds are looking to team up with industry players and submit joint bids for Magneti Marelli, which supplies all major carmakers in Europe, the Americas and Asia, three sources said....
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Automakers say they're open to outside dealership investors, despite skepticism

12:01 am U.S. ET | July 6, 2015

Some automakers insist they are willing to take a chance on outside investors — provided they have a long-term focus and tap people with substantial dealership operation experience....
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Bain Capital completes buyout of TI Automotive

4:15 pm U.S. ET | June 30, 2015

TI Automotive said its sale to private equity firm Bain Capital LLC has been completed. Terms of the sale were not disclosed in a statement today....
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A billion here, a billion there ...

12:01 am U.S. ET | June 15, 2015

In its latest earnings statement, Berkshire Hathaway valued its purchase of Van Tuyl Group at $4.11 billion, after adding up the value of the dealership group's assets and subtracting the liabilities that were assumed....
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LaSorda's IncWell names new CEO, partners

3:26 pm U.S. ET | April 1, 2015

Tom LaSorda has named longtime auto executive Simon Boag to replace him as CEO of IncWell LLC, an early-stage venture capital firm in suburban Detroit....
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LaSorda's venture capital fund invests in auto cyber-security firm

11:13 am U.S. ET | March 18, 2015

Tom LaSorda, the former CEO of Chrysler and Fisker, said his venture capital fund IncWell has invested in a global automotive cyber-security supplier called TowerSec. Terms of the investment were not disclosed....
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Chassix, a supplier to GM and BMW, files for bankruptcy

11:02 am U.S. ET | March 12, 2015

Chassix, a supplier of chassis, brake and powertrain components to GM, BMW, and others, today filed for Chapter 11 bankruptcy reorganization in New York....
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Buffett says Berkshire's job is to perform, grow in auto retail

11:16 am U.S. ET | March 2, 2015

With Berkshire Hathaway's purchase of the Van Tuyl Automotive dealership group materially complete, Warren Buffett already is looking toward how to expand his company’s dealership holdings....
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Group 1 director resigns citing Buffett-Van Tuyl deal

5:27 pm U.S. ET | Feb. 24, 2015

Group 1 Automotive board member Beryl Raff has resigned, citing a potential conflict of interest related to her employer, Berkshire Hathaway, and its pending purchase of the Van Tuyl dealership group. Raff gave up her seat on Feb. 20, Group 1 said in an SEC filing....
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Lear to buy more shares, boost dividend

10:09 am U.S. ET | Feb. 17, 2015

Weeks after receiving a letter from an activist investor urging the company to split into two separately traded public companies, Lear said today it will increase its share repurchase program and quarterly dividend....
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Supplier Chassix misses 2nd bond payment; creditors concerned

8:46 am U.S. ET | Feb. 17, 2015

After missing a payment of more than $17 million to bondholders this month, Chassix has asked the bondholders to organize and retain advisers -- and a creditor's filing asserts that the company is taking steps toward a possible bankruptcy....
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EDITORIAL

New players are changing rules of retailing game

12:01 am U.S. ET | Feb. 2, 2015

If the deal by Warren Buffett's Berkshire Hathaway to buy the Van Tuyl Group wasn't enough of a signal, certainly the agents of billionaire George Soros' investment fund and other investor groups prowling the floors of the National Automobile Dealers Association convention in San Francisco last month removed all doubt. Bigger players have checked into the game....
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THE NEW FACE OF RETAIL?

Moguls, superrich families and private-equity titans prowl for dealerships

12:01 am U.S. ET | Feb. 2, 2015

First Warren Buffett. Then George Soros. Who's next? Outside investors are shopping for auto retailers in greater numbers - and with larger checkbooks - than the industry has ever seen....
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TI Automotive to be acquired by Bain for $2.4 billion, report says

8:36 am U.S. ET | Jan. 27, 2015

Global fuel systems supplier TI Automotive, after months of wrangling and speculation, said today it has agreed to be acquired by private equity firm Bain Capital LLC. The deal is valued at $2.4 billion, sources told Bloomberg....
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Soros is ready to move on auto dealerships

3:40 pm U.S. ET | Jan. 26, 2015

Wall Street powerhouse Soros Fund Management is ready to move on a deal to acquire auto dealerships, a representative of the fund said at a private dinner Saturday in San Francisco, according to two sources who attended the event. Soros is prepared to invest as much as $1 billion on dealerships, one of the sources said....
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RICHARD JOHNSON

BLOG: A new Gold Rush sweeps over California

12:45 pm U.S. ET | Jan. 25, 2015

Like Warren Buffett and George Soros, so-called hybrid buyers -- private equity funds and super-wealthy families and combinations of the two -- are on the hunt for dealership deals. This new category of dealership buyer could turn out to be as transformational as the six public groups that rolled up a significant part of the industry almost 20 years ago....
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AMY WILSON

BLOG: How to get a deal done

2:00 pm U.S. ET | Jan. 25, 2015

One of the reasons it might be a great time to sell your dealership? Some of the private equity groups scouting auto retail are so eager to put their investors' money to work, they'll overpay, says Tim York, managing partner of accounting firm Dixon Hughes Goodman....
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THE TAKATA AIRBAG RECALL

Takata airbag review panel members named by Skinner

10:52 am U.S. ET | Jan. 20, 2015

Former Transportation Secretary Samuel Skinner said six experts -- including Cerberus Chairman John Snow -- will serve on an independent panel that will oversee Takata's efforts to ensure that its airbag inflators meet federal safety standards....
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TI Automotive, Bain near deal a year after failed effort, report says

9:10 am U.S. ET | Jan. 14, 2015

TI Automotive, the auto fuel-systems maker that came close to a deal with Bain Capital Partners LLC last year, is again near an agreement to sell itself to the private equity firm, people with knowledge of the matter told Bloomberg....
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Hendrick aims to keep legacies rolling

12:01 am U.S. ET | Dec. 1, 2014

Taking care of legacy employees is critical for closing the acquisition of a dealership, buy-sell advisers say....
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Carlyle’s Axalta auto-paint company rises in trading debut

4:16 pm U.S. ET | Nov. 12, 2014

Axalta Coating Systems, the former DuPont auto-paint unit now backed by Carlyle Group LP, rose in its first day of trading after raising $975 million in an initial public stock offering....
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Rivals see Buffett as just another competitor

12:01 am U.S. ET | Oct. 25, 2014

Warren Buffett's entry into automotive retailing may mean more overall competition for acquisitions, but public dealership groups expect no interruptions to their growth plans....
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LaSorda's VC firm adds Zetsche, Magna to 2nd investment fund

10:33 am U.S. ET | Oct. 14, 2014

Tom LaSorda, the former CEO of Chrysler and Fisker, says his venture-capital firm has begun making investments out of its second fund, which he said raised almost $10 million and has added Daimler Chairman Dieter Zetsche and Magna International to its list of investors....
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What, me worry? Hendrick says deal-hungry Buffett won't keep him from buying

12:01 am U.S. ET | Oct. 13, 2014

Car dealer Rick Hendrick has a message for auto retailers looking to sell their family business: He's still buying....
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Dealership consolidation is coming -- but how fast and how much?

12:01 am U.S. ET | Oct. 13, 2014

Dealership consolidation is expected to accelerate as Warren Buffett's entry into automotive retailing attracts more buyers, observers said....
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