M&A Deal Summary

Crestview Partners and FountainVest Partners Acquire Key Safety Systems

On March 7, 2007, private equity firms Crestview Partners and FountainVest Partners acquired automotive company Key Safety Systems from The Carlyle Group and Ewing Management Group for 650M USD

Acquisition Highlights
  • This is Crestview Partners’ 1st and FountainVest Partners’ 1st transaction in the Automotive sector.
  • This is Crestview Partners’ 6th and FountainVest Partners’ 2nd largest (disclosed) transaction.
  • This is Crestview Partners’ 4th and FountainVest Partners’ 1st transaction in the United States.
  • This is Crestview Partners’ 2nd and FountainVest Partners’ 1st transaction in Michigan.
Investment Fate
  • Key Safety Systems was sold to a publicly-traded strategic buyer in 2016 for 920M USD.

M&A Deal Summary
Date 2007-03-07
Target Key Safety Systems
Sector Automotive
Buyer(s) Crestview Partners
FountainVest Partners
Sellers(s) The Carlyle Group
Ewing Management Group
Deal Type Secondary Buyout
Deal Value 650M USD
Advisor(s) Westbury Group LLC
Goldman Sachs
UBS Investment Bank (Financial)

Target

Key Safety Systems

Sterling Heights, Michigan, United States
Key Safety Systems is a supplier of automotive safety restraint systems and components. KSS supplies a broad range of safety products including airbag components and systems; seat belts; steering wheels; and position and movement sensors. Key Safety Systems was founded in 1987 and is based in Sterling Heights, Michigan.

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Buyer(S) 2

Buyer

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.

DEAL STATS #
Overall 6 of 55
Sector (Automotive) 1 of 2
Type (Secondary Buyout) 1 of 13
State (Michigan) 2 of 6
Country (United States) 4 of 44
Year (2007) 1 of 4
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Paris Re Holdings

Zug, Switzerland

Paris Re Holdings Ltd. is a property and casualty reinsurer with a global market presence.

Buy $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-24 Symbion

Nashville, Tennessee, United States

Symbion owns and operates a national network of short stay surgical facilities.

Buy $637M
Buyer

FountainVest Partners

Category Private Equity Firm
Founded 2007
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

FountainVest Partners is a private equity firm focused on investing in and acquiring companies in China. FountainVest is sector agnostic and seeks opportunities where it can partner with leaders operating in emerging industries. FountainVest Partners was formed in 2007 and is based in Hong Kong.

DEAL STATS #
Overall 1 of 11
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Michigan) 1 of 1
Country (United States) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-27 Shanghai Kehua Bio-engineering

Shanghai, China

Shanghai Kehua Bio-engineering is a dveloper, manufacturers and marketers of in vitro diagnostic products in China. Shanghai Kehua Bio-engineering was founded in 1981 and is based in Shanghai, China.

Buy -

Seller(S) 2

SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 88 of 482
Sector (Automotive) 4 of 13
Type (Secondary Buyout) 16 of 117
State (Michigan) 3 of 6
Country (United States) 59 of 259
Year (2007) 2 of 24
Size (of disclosed) 56 of 136
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Philosophy

Phoenix, Arizona, United States

Philosophy, Inc. develops, manufactures and markets a full line of premium personal care products focused on skin care, fragrance, bath & shower and color cosmetics.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-12 Elgar Electronics

San Diego, California, United States

Elgar Electronics Corp. is a designer and manufacturer of AC and DC programmable power supplies, Elgar's products are used in designing and testing power-sensitive electronics that must operate in environments where power quality is uncertain.

Sell $108M
SELLER

Ewing Management Group

Dallas, Texas, United States
Category Private Equity Firm
Founded 2004
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Ewing Management Group (EMG) is a turnaround private equity investor that targets controlling interests in underperforming businesses in various industries. EMG looks for opportunities where companies are 'well-positioned for growth via capital injection and operational improvements'. Target businesses are either public or private, have strong market positions, and generate sales of $15 to $500 million. The Firm has a special interest in companies operating in Asia, (specifically China). EMG maintains offices in Dallas, Texas; and Shanghai.

DEAL STATS #
Overall 2 of 3
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Michigan) 1 of 2
Country (United States) 2 of 3
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-02 Key Plastics

Livonia, Michigan, United States

Key Plastics LLC is a manufacturer of automotive interior, exterior, and under-the-hood plastic components. Key Plastics was founded in 1986 and is based in Livonia, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Dohow Chemical

Changzhou, China

Dohow Chemical is a leading producer of Styrene Monomer located in Changzhou, China in the Jiangsu Province. EMG is currently working with management on a number of key expansion projects to grow the top line of the business as well as improving margins. EMG invested in Dohow in 2008.

Buy -
Mergr

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