IAC Group Receives Strategic Investment From Gamut Capital Management That Significantly Strengthens Capital Structure

Recapitalization Will Put Company on Solid Financial Footing for Long Term

LUXEMBOURG (April 6, 2018) – International Automotive Components Group S.A. (“IAC”), a global automotive and mobility leader in lightweight and new-material interior solutions, today announced that it has secured new financing commitments that significantly strengthen its balance sheet and enhance its financial flexibility. 

As part of the recapitalization, IAC will issue $215 million of Senior Secured Notes due April 2023 to funds managed by Gamut Capital Management, L.P. (“Gamut”), a New York-based middle market private equity firm.  The proceeds, along with cash on hand, will be used to refinance IAC’s $300 million 9.125% Senior Secured Notes due June 1, 2018.  Gamut will also acquire a minority equity interest in IAC and nominate representatives to the Board.  WL Ross and Co. LLC (“WL Ross”), a division of Invesco Ltd., and Franklin Mutual Advisers LLC, will remain the Company’s majority shareholders.

Stephen Toy, Senior Managing Director and Co-Head of WL Ross, said, “This is an exciting day for IAC, its partners and employees.  This transaction signals strength and confidence in IAC’s business plan and positions the Company for sustainable, long-term success.”

Stan Parker, Founding Partner of Gamut, added, “IAC is a market leading business with substantial scale, a blue-chip customer base and numerous growth opportunities.  We are excited to be supporting IAC and its management team, as well as partnering with WL Ross and Franklin Mutual Advisers, as they continue to make progress in driving transformational improvements across the business.”

The transaction is subject to customary closing conditions and is expected to close prior to the end of April.

Perella Weinberg Partners, LP and Wells Fargo Securities, LLC, are serving as financial advisors to IAC and Jones Day is serving as its legal counsel. Jefferies Group LLC is serving as financial advisor to Gamut and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as its legal counsel.

 

About IAC Group

Headquartered in Luxembourg, International Automotive Components (IAC) is a leading global supplier of automotive components and systems, including instrument panels, console systems, door panels, headliners and overhead systems to automakers around the world. The company’s 2017 sales were an estimated $4.4 billion. IAC Group operates more than 50 manufacturing facilities in 16 countries. The company has more than 60 total locations in 19 countries, including 19 design, technical and commercial centers, and employs more than 22,000 people globally. For more information, visit www.iacgroup.com.

 

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing $1 billion in assets focused on the middle market. Gamut was founded in 2015 by Stan Parker and Jordan Zaken who have over 35 years of combined private equity investing experience across a wide range of industries, in a broad spectrum of traditional and non-traditional private equity structures, and throughout economic cycles. Gamut’s senior deal professionals have executed investments in over 30 companies in North America and Europe. To learn more, please visit www.gamutcapital.com

 

About WL Ross & Co. LLC

WL Ross & Co. LLC is a private equity firm specializing in middle market, restructurings, buyouts, turnarounds and special situations. The firm is wholly owned by Invesco and part of its Invesco Private Capital Division.

Gamut Capital Management To Acquire JPW Industries

NEW YORK – July 19, 2017 – Funds managed by Gamut Capital Management, L.P. (“Gamut”), a New York-based middle market private equity firm, announced that they have signed a definitive agreement to acquire JPW Industries, Inc. and its global affiliates (“JPW”), a leading manufacturer, designer and distributor of a wide range of machinery and equipment under the JET®, Powermatic®, Wilton®, Edwards® and Promac® brands, from Tenex Capital Management.

Headquartered in La Vergne, Tennessee and founded in 1958, JPW’s branded specialty shop tools and equipment serves a broad range of applications and end markets.  JPW products include metalworking and woodworking machinery, vises and clamps, ironworkers, lifting systems, air and hand tools and related parts and accessories.  JPW operates in six countries on three continents and has more than 270 employees worldwide.

Stan Parker, Founding Partner of Gamut, said, “JPW has set the standard for quality, reliability, innovation and service across a broad range of applications and end users. We are delighted to partner with JPW and its strong management team to accelerate its development.”

Robert Romano, Chief Executive Officer at JPW, said, “We have enjoyed our partnership with Tenex and deeply value their strategic input and guidance. As we enter our next phase, we are excited to have the support of Gamut and look forward to leveraging their experience and resources as we continue to grow.”

Mr. Romano will remain with the company as CEO and will serve on the Board of Directors.  At the close of the transaction, which is expected by the third quarter of this year, Stephen Van Oss, a Gamut Operating Partner, will join JPW’s Board of Directors as Non-Executive Chairman.  Terms of the transaction were not disclosed.

Goldman Sachs & Co. LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Gamut.  BB&T Capital Markets served as financial advisor and Kirkland & Ellis LLP served as legal counsel to JPW. Goldman Sachs Bank USA, BMO Harris Bank N.A. and BNP Paribas are providing financing commitments for the transaction, subject to customary terms and conditions.

 

About JPW Industries

Headquartered in La Vergne, Tennessee, JPW Industries, Inc. designs and markets a wide range of machinery and equipment under the JET®, Wilton®, Powermatic®, Edwards® and Promac® brands.  In addition to its North American headquarters, the company has operations in Europe and Asia. It sells through a vast network of distributor partners worldwide. Visit JPW at www.jpwindustries.com.

 

About Gamut Capital Management

Gamut Capital Management is a New York-based private investment firm managing $1 billion in assets focused on the middle market. Gamut was founded in 2015 by Stan Parker and Jordan Zaken who have over 35 years of combined private equity investing experience across a wide range of industries, in a broad spectrum of traditional and non-traditional private equity structures, and throughout economic cycles. Gamut’s senior deal professionals have executed investments in over 30 companies in North America and Europe. To learn more, please visit www.gamutcapital.com.

Gamut Capital Management Raises $1 Billion for Debut Middle Market Private Equity Fund

NEW YORK – January 4, 2017 – Gamut Capital Management, L.P. (“Gamut”), a New York-based middle market private equity firm, today announced it successfully closed Gamut Investment Fund I, L.P. (and affiliates) (the “Fund”) at $1 billion, exceeding the Fund’s $750 million target.
 
Gamut’s flexible investment strategy incorporates leveraged buy-outs, corporate carve-outs, strategic partnerships, and distressed-for-control situations. The Fund’s target investment size ranges from $50 million to $150 million with an ability to selectively scale up its capital commitment in partnership with its LPs.  Gamut’s Founding Partners, Stan Parker and Jordan Zaken, have more than 30 years combined experience investing across sectors, capital structures and cycles.  Target industries include: agriculture, chemicals, telecom, industrials, mining, power, distribution, technology, energy and transportation.
 
Messrs. Parker and Zaken stated: “We are thrilled with the strong level of support that we’ve received from our investors and are currently evaluating a wide spectrum of potential investment opportunities.” 
 
UBS Private Funds Group acted as the exclusive placement agent for Gamut.  Paul, Weiss, Rifkind, Wharton & Garrison LLP and Katten Muchin Rosenman LLP served as legal counsel to the Fund.

 

About Gamut Capital Management
 
Gamut Capital Management is a New York-based private investment firm managing $1 billion in assets focused on the middle market. Gamut was founded in 2015 by Stan Parker and Jordan Zaken who have over 35 years of combined private equity investing experience across a wide range of industries, in a broad spectrum of traditional and non-traditional private equity structures, and throughout economic cycles. Gamut’s senior deal professionals have executed investments in over 30 companies in North America and Europe. To learn more, please visit www.gamutcapital.com