WL Ross & Co. forms joint venture with Lear Corporation and Franklin Mutual Advisers
Clients WL Ross & Co. LLC
Jones Day advised WL Ross & Co. LLC in the acquisition by International Auto Components Group ("IAC"), its joint venture with Franklin Mutual Advisers LLC and Lear Corporation, of Collins & Aikman's $600 million European operations, a group of companies in administration. The acquisition involves operations in Belgium, Czech Republic, Germany, Netherlands, Slovakia, Spain, Sweden, and the United Kingdom serving Ford, General Motors, DaimlerChrysler, Porsche, Saab, Volkswagen, Volvo and other original equipment manufacturers.
The transaction is subject to certain conditions including approval by Monopoly Commissions, landlords, and customers. The purchase price is subject to certain final adjustments, but in any event involves cash well in excess of $100 million and assumption by IAC of certain liabilities and commitments of Collins & Aikman.