(Bloomberg) — Genstar Capital, a San Francisco-based private equity firm, agreed to sell aftermarket auto parts manufacturer BBB Industries to peer Clearlake Capital Group.
Genstar will keep a minority stake in BBB, according to a statement Thursday, confirming a Bloomberg News report. Terms weren’t disclosed. The deal values the company at about $2.7 billion, according to people familiar with the matter, who asked to not be identified because the terms aren’t public.
“We see a significant opportunity to partner with BBB’s management team to build upon their core business as well as several compelling growth areas across the automotive and broader industrial and renewable energy ecosystems,” José Feliciano, co-founder and managing partner of Clearlake, said in the statement.
BBB, based in Daphne, Alabama and bought by Genstar in 2018, makes products including air-disc brake calipers and power-steering products, according to the statement. Its Terrepower division repairs electric-vehicle batteries.
Goldman Sachs Group Inc. served as financial adviser to BBB while Latham & Watkins served as legal counsel. JPMorgan Chase & Co. advised Clearlake and provided debt financing. Kirkland & Ellis served as legal counsel to Clearlake.
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