Clearlake Capital Completes Australian AcquisitionTuesday, September 10, 2013
Clearlake Capital Group on Tuesday said that it completed the acquisition of Futuris Automotive from Elders Limited.
Terms of the deal were not disclosed. Futuris Automotive, which opened in 1967 in Melbourne, Australia, designs and manufactures auto equipment such as door trims and floor carpets for automobile makers including General Motors, Toyota and Tesla Motors. Futuris will remain in Melbourne, with operations there and in the United States and other countries.
Clearlake Capital, a Santa Monica private investment firm, said that one of its operating advisers, automotive industry veteran Mervin Dunn, has joined the Futuris board as co-chairman. José E. Feliciano, a founding partner at Clearlake, will also be a co-chairman, and Colin Leonard, Clearlake’s vice president, is joining the board.
"Futuris has world-class design and manufacturing capabilities and will greatly benefit from Clearlake's sponsorship and the ability to seek new business opportunities in the global automotive and commercial vehicle market,” Dunn said in a statement.