Oak Hill trumpets $1bn in exits

The private equity arm of the Texas-based Robert M. Bass family group has completed the ‘milestone’ sale of its auto parts platform company, Progressive Moulded Products to Thomas H. Lee Partners.

Oak Hill Capital Partners, the private equity arm of the Robert M. Bass-led private investment firm, has completed the sale of Canadian automotive parts platform company, Progressive Moulded Products, the firm announced today.

The deal was inked in July, when Boston buyout firm Thomas H. Lee Partners agreed to buy Progressive Moulded for an undisclosed cash amount.

According to Oak Hill, it will realise a 3.1 times multiple on its original $86.3 million (€71 million) investment in the company. The firm has realised a 32 percent IRR on the deal.

Progressive Moulded brings to six the number of full or partial exits from Oak Hills $1.6 billion private equity fund, raised in 1999. Those sales have amounted to more than $1 billion in distributions to Oak Hill limited partners. J. Taylor Crandall, the managing partner of the fund, said in a statement that his group still owns ‘significant equity’ in twelve companies.

Progressive Moulded, with manufacturing facilities in the US and Canada, makes plastic automotive interior parts.