Auto supplier selling Grand Rapids operations
A global auto supplier is selling its local operations to a private equity firm on the state’s east side.
Shanghai-based Yanfeng Automotive Interiors signed an asset purchase agreement to sell its operations in Grand Rapids to Bloomfield-based Green Light Growth Partners, a private equity firm dedicated to investments within the automotive sector.
The sale is expected to be complete in December.
Terms of the deal were not disclosed.
“We are selling Grand Rapids to balance our product portfolio, optimize our manufacturing footprint and prioritize our capital investments,” Yanfeng Automotive Interiors said.
Following the close of the transaction, the business will be re-named and operate as Kendrick Plastics.
The Grand Rapids employees will all transition to Kendrick Plastics.
Yanfeng Automotive Interiors
Founded in 2015 as a joint venture between Yanfeng and the Plymouth-based auto seat manufacturer Adient, Yanfeng designs, develops and manufactures interior components for automakers.
The company has about 110 plants and technical centers in 20 countries and more than 33,000 employees globally.
Its North American technology centers are located in Novi and Holland.
Yanfeng reported worldwide 2018 sales of $8.8 billion.
Green Light Growth Partners
Founded in 2018, Green Light Growth Partners is a private equity firm that makes control equity investments within the automotive industry.
Post-acquisition, Green Light acts as a partner to owner-operators and management teams, “collaboratively developing a strategy for accelerated growth and value creation.”
The firm typically invests in companies with revenues between $50 million and $150 million, with EBITDA typically between $5 million and $25 million.