Clearlake Capital Group L.P. has sold Greenville-based Sage Automotive Interiors to Tokyo-based Asahi Kasei Group for a cash transaction price of approximately $700 million, according to the Asahi Kasei Group. Asahi Kasei Group owns a collection of companies with operations in the chemicals and fibers, homes and construction materials, electronics and health care business sectors.
Sage is a global supplier of textiles and microfiber suedes for the automotive industry. The transaction is subject to customary closing conditions and regulatory approvals, according to a news release.
"In partnership with Clearlake, we were able to successfully pursue our vision of creating a unique, global platform," said Dirk R. Pieper, CEO of Sage Automotive Interiors, in the release. "This acquisition highlights Sage's success and provides a strong platform to help drive our continued growth. We look forward to working with Asahi Kasei as we continue to execute our strategy and deliver the highest quality product to our customers worldwide."
Clearlake Capital, based in Santa Monica, Calif., has owned Sage Automotive Interiors for four years; and during that time Sage expanded its product offering and sales reach in Europe and Asia, according to the release. The growth included the acquisitions of Miko S.r.l. and Apollo S.p.A. in Italy. In addition, the company invested further in its Sage Wuhan joint venture in China to drive more growth in Asia.