DETROIT -- Automotive roof-rack supplier Jac Products Inc. is for sale, according to an investment banker familiar with the planned sale.
Citicorp Venture Capital, the private equity firm that purchased Jac Products in 1994, is seeking an estimated $270 million for the company, the investment banker says.
Jac Products, of Saline, Mich., is facing stiff competition from rival Advanced Accessory Systems LLC of Sterling Heights, Mich. Advanced Accessory Systems was acquired in 2003 by Castle Harlan Inc., an equity firm.
Potential buyers for Jac Products include Magna International Inc. and Johnson Controls Inc., as well as private equity firms, according to Merger Market, a New York merger and acquisition information service.
Neither Citicorp nor George Hofman, president of Jac Products, could be reached for comment.
Jac Products had sales last year of $113.4 million, according to Thompson Corp. of Stamford, Conn., a research firm.
Jac Products was founded in 1967. It says it supplies the majority of original-equipment vehicle roof racks in North America and around the world.
It has a technical center in Pontiac, Mich., and operates plants in Madison Heights, Mich.; Germany; Portugal; Argentina; and England.
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