SANTA MONICA, CA and GREENVILLE, SC – Clearlake Capital Group (Clearlake) and Sage Automotive Interiors (Sage) have announced that Clearlake has acquired Sage, the second largest automotive textile supplier in the world. Sage management invested alongside Clearlake in the transaction. Financial terms of the transaction were not disclosed.
“This acquisition underscores Sage’s success and vision, and provides a stable platform to help drive our future growth, both domestically and globally,” said Dirk Pieper, Sage CEO. “Clearlake is an experienced investor in the automotive space, bringing valuable industry expertise and strong financial resources. We appreciate this vote of confidence in all that Sage has accomplished and in our future, and we look forward to working with the Clearlake team as we execute on our strategy.”
Sage will remain an independent entity, headquartered in Greenville, SC on the CUICAR campus. There are no plant location or personnel changes planned at this time. Recently, Sage has experienced rapid growth, almost doubling its employee count in the past five years, investing $25 million in its South Carolina operations over the past four years, and recently adding plants in China and Poland to enhance its worldwide footprint.
“With high quality products and its commitment to innovative design, Sage has built an impressive client list and experienced strong growth,” said José E. Feliciano, a founding partner at Clearlake. “We look forward to working with Sage’s talented management team and dedicated employees as we build on Sage’s plan and vision, with a continued focus on supplying the best products while also focusing on sustainability.”
Kirkland & Ellis LLP served as legal counsel to Clearlake in the transaction. Nomura Securities International and XMS Capital Partners advised Sage on the transaction. Weil, Gotshal & Manges provided legal advice to Sage.