Cyprium Partners, a non-control private equity firm, has made a subordinated debt and equity investment in Irvin Automotive Products.
The investment was used to facilitate an acquisition of the business by Detroit entrepreneur Vinnie Johnson from Takata Corporation.
Irvin will operate separately from Piston Group, another automotive business owned by Johnson, and will continue to be run by Irvin's current management team led by Joseph Finn.
The investment is the 12th transaction from the firm’s Cyprium Investors IV fund, which closed in December 2014.
Founded in 1922 and headquartered in Michigan, Irvin is a manufacturer of automotive seat covers, headrests, sun visors, armrests and cargo shades with operations in Del Rio, Texas; Acuña, Mexico; and Sabinas, Mexico. It also has a growing business providing seating products to customers in the mass transit, airline and furniture industries.
“Cyprium’s experience in providing junior capital to entrepreneur- and family-owned businesses made this a natural fit for both Irvin and Cyprium,” says Dan Kessler, a partner at Cyprium Partners. “We are impressed with the high quality of the company’s operations and its strategic role in the North American automotive supply chain. Irvin’s management team should be complimented on the company’s success. Providing capital into such a compelling transaction is a privilege for Cyprium and we believe that the participation of Mr Johnson will be an extraordinary catalyst for growth. We look forward to working with Mr Johnson, Mr Finn and the rest of the Irvin team over the coming years.”
