Cooper-Standard Seeking a Buyer

(Cooper Standard has a market cap of $899 mm and an EV of $1.2 billion) Aug 31 (Reuters) – U.S. auto parts supplier Cooper Standard Holdings Inc (COSH.OB) is looking for a buyer more than a year after emerging from bankruptcy and has hired bankers to advise on the process, people familiar with the matter said. Cooper Standard, which came out of bankruptcy in May of 2010 under the control of a handful of hedge funds, including Silver Point Capital and Oak Hill Advisors, has an enterprise value of more than $1.1 billion, according to Reuters data. The Novi, Michigan-based company, which makes body sealing and fluid handling systems for the automotive industry, attracted initial interest mostly from private equity firms, these people said. JPMorgan Chase & Co (JPM.N) and Lazard Ltd (LAZ.N) are running the sale, according to the people. Cooper Standard was formed in 2004 when New York-based private equity firm the Cypress Group and Goldman Sachs Capital Partners acquired the automotive segment of Cooper Tire & Rubber Co (CTB.N) for nearly $1.2 billion.


Ticker:


'Cooper-Standard Seeking a Buyer' has no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.