LOS ANGELES, Calif. — Platinum Equity has acquired a majority interest in Keystone Automotive Holdings Inc., parent company of Keystone Automotive Operations. The investment firm says it will work with Keystone’s management team on an operational plan to improve the company’s ability to compete in the specialty aftermarket auto parts industry.
Platinum was previously Keystone’s largest bond holder and worked closely with Keystone and the company’s other debt holders to develop and execute a recapitalization plan that resulted in Platinum becoming the majority owner of the business.
Platinum achieved its majority ownership position through an exchange offer that closed on March 29, in which Platinum and other bond holders converted debt to equity and acquired additional common stock through a rights offering.
