Kohlberg Kravis Roberts & Co. (KKR) Friday said it has agreed to acquire a controlling stake in tire maker Alliance Tire Group from an affiliate of Warburg Pincus. Terms of the transaction were not disclosed.
Alliance Tire Group or ATG specializes in producing off-highway tires, catering primarily to the agricultural, forestry and construction industries. It has more than 2,500 employees worldwide.
ATG's tires are manufactured at facilities in Israel and India, with R&D facilities in Israel, India, the U.S. and South Africa. The company's products are available in more than 120 countries, and it sells under the brand names Alliance, Galaxy and Primex.
Yogesh Mahansaria, founder of ATG, will continue to maintain an ownership stake in the company and partner with KKR to continue to grow the business.
Mahansaria said, ''KKR's investment will enable us to continue to expand into new markets, make strategic acquisitions, and help scale our global presence."
KKR's investment in ATG is being made through its investment funds. It will be supported by a financing tranche led by Crescent Mezzanine with additional participation by the Ivy High Income Fund.
Credit Suisse served as the financial advisor to ATG and Nine Rivers Capital advised the Founders. Barclays Bank PLC and JP Morgan served as advisors to KKR for this deal.
KKR closed down 2.2 percent on Thursday at $19.76.
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