California's Clearlake Capital Group will expand its automotive investments through the acquisition of CNI Enterprises, according to a statement.
The acquisition of the interior components provider will be made through Clearlake Capital's holding in Futuris Global Holdings. The firm has a growing portfolio of automotive investments, which also includes Sage Automotive Interiors.
A spokesperson for Clearlake was not immediately available.
CNI, headquartered in Michigan, manufactures seat back panels, door inserts, arm rests, head rests and other interior trim products in its plants based in Michigan and Acuna, Mexico.
“We look forward to working with the Clearlake team and their portfolio companies in the automotive interiors segment to leverage our collective strengths and relationships in order to expand our ability to meet customer demands worldwide,” CNI president Jorge Morales said. Morales will continue in his role post-transaction.
Clearlake, founded in 2007, makes sector-focused investments in industrials, energy and power, technology, communications, business services and consumer products and services. It manages $2.4 billion in assets and most recently raised $400 million for Clearlake Opportunities Partners fund, according to PEI's Research and Analytics division.