NEW YORK KPS Capital Partners announced that its portfolio company Chassis Brakes International Group ("CBI" or the "Group") has acquired substantially all of the assets of Australian-based Autocast and Forge Pty Ltd ("ACF"), through an indirect, wholly-owned subsidiary. ACF’s assets were acquired free and clear of substantially all liens, claims and encumbrances through ACF’s voluntary administration process. Financial terms of the transaction were not disclosed.
ACF is Australia’s largest independent cast iron foundry serving the automotive industry, primarily engineering and manufacturing specialized castings. ACF’s customers include a majority of Australian automotive manufacturers. ACF employs approximately 100 employees at its single facility in Seven Hills, New South Wales.
KPS purchased CBI from The Bosch Group in May 2012 with a strategic plan to grow the business as an independent enterprise. With this acquisition, CBI has expanded and strengthened its manufacturing capabilities in Australia through vertical integration and has solidified its position as the largest manufacturer of automotive foundation brakes and foundation brake components in Australia.