Acquisitions · Car interior fabrics
Asahi Kasei buys car seat fabric maker Sage for $1.06 billion
- Buyer
- Asahi Kasei (Tokyo)
- Target
- Sage Automotive Interiors, Greenville, South Carolina
- Value
- $1.06B including net debt (about $700M cash)
- Status
- Agreed on July 19, 2018; completed on September 27, 2018.
- Date
- 2018-07-19
Asahi Kasei bought Sage Automotive Interiors, a Greenville, South Carolina maker of fabrics for car seats and interiors, from Clearlake Capital. The cash price was about $700 million, and the total including Sage's net debt was $1.06 billion.
Why it matters
The deal moved Asahi Kasei further into car interiors, adding a US-based supplier with ties to automakers to its materials business.
Price and funding
Asahi Kasei put the cash price at about $700 million, or about ¥79.1 billion. Adding Sage's net interest-bearing debt brought the total acquisition price to $1.06 billion.
After closing
The deal closed on September 27, 2018, US Eastern time, and Sage became a wholly owned consolidated subsidiary of Asahi Kasei. Sage's existing executive team, led by Chief Executive Dirk Pieper, stayed in place to run the business.
Sources
Kakehashi M&A News home
