Wolf Theiss has advised private equity firm Cerberus Capital Management on its purchase of the majority of Visteon Corporation's global automotive interiors business. The price of the transaction was not disclosed.
Visteon designs, engineers and manufactures components and systems for most vehicle manufacturer worldwide – it has facilities in 29 countries and employs about 24,000 people. The operations acquired by a Cerberus affiliate had global revenues of about USD 1 billion in 2013 and produce a range of automotive interior products, including cockpit modules, instrument panels, door panels and floor consoles. The transaction is subject to regulatory reviews and other conditions and is expected to be completed by December 31, 2014.
According to Wolf Theiss, Upon completion of the transaction, Cerberus intends to use the business as a platform from which to pursue additional acquisitions in the automotive interiors space.
Wolf Theiss Partner Horst Ebhardt, who coordinated the transaction on behalf of Wolf Theiss, said of the deal that: "We are pleased that we could support our long term client Cerberus in relation to the purchase of Vistion's target assets located in Slovakia, Poland, Croatia and Hungary." Wolf Theiss will continue to advise Cerberus throughout the closing of the transaction.