Kohlberg & Company acquires auto glass business from PPG Industries
Date Closed
September 30, 2008
Lead Office
Toronto
Value
270.00 Million USD
On September 30, 2008, Kohlberg & Company, LLC, through a new company formed by managed funds, acquired the automotive glass and services business of PPG Industries ("PPG"). The new company is named Pittsburgh Glass Works LLC ("PGW"). PPG received approximately US$270 million in net proceeds from the transaction. In addition, PPG will hold a minority ownership interest of approximately 40% in PGW. PGW's automotive glass and services business supplies automotive OEM windshields, rear and side windows, sunroofs and assemblies for auto and truck manufacturers, and it supplies and distributes replacement automotive glass products for use in the aftermarket. It also provides insurance claim services through its LYNX Services subsidiary, glass management software through its GTS subsidiary, and e-business solutions through its GLAXIS division.
Kohlberg is a leading private equity firm based in Mount Kisco, NY.
Pittsburgh-based PPG is a global supplier of paints, coatings, chemicals, optical products, specialty materials, glass and fibreglass. The company has more than 150 manufacturing facilities and equity affiliates and operates in more than 60 countries.
McCarthy Tétrault LLP advised PPG with a team led by Richard Higa.