LOS ANGELES – The Gores Group, a Los Angeles‐based investment firm, has announced the sale of Sage Automotive Interiors to Clearlake Capital Group, an investment firm based in Santa Monica, Calif. Financial terms of the transaction were not disclosed.
 
Sage is a global supplier of automotive textiles, with offices and manufacturing locations in North America, South America, Europe and Asia. According to The Gores Group, Sage has the No. 1 position in automotive seating fabrics in North America, and has grown rapidly in Europe and Asia as well. Under The Gores Group’s ownership, Sage has become the No. 2 supplier of automotive seating fabrics globally, the investment firm noted.
 
Sage was formed in 2009 when management completed a buyout to acquire Milliken & Co.’s automotive business. The Gores Group subsequently invested alongside management in support of a shared vision to build a global, best-in-class automotive interiors platform serving the expanding global needs of customers including Ford, GM, Chrysler, Toyota, Honda, Nissan, Hyundai and Volkswagen.
 
Nomura Securities International and XMS Capital Partners advised Sage on the transaction. Weil, Gotshal & Manges provided legal advice to Sage.