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Carlyle Group Sells Diversified Machine to Platinum Equity |
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Released on December 16, 2011
Global asset manager The Carlyle Group, New York, announced it sold Diversified Machine Inc. (DMI), Wixom, Mich., to another equity firm last December.
According to a press release issued by Carlyle, Platinum Equity, Los Angeles, purchased the automotive chassis and powertrain component supplier for an undisclosed amount. Carlyle initiated the investment in DMI with the November 2005 bankruptcy court purchase of an automotive component machining and manufacturing operation. Carlyle was joined in the purchase by a management team led by Bruce Swift, who is expected to continue as CEO of DMI following the purchase by Platinum.
During Carlyle’s ownership, DMI grew through a series of acquisitions, including the purchase of a former Intermet operation. Today, the company operates metalcasting facilities in Bristol, Ind.; Howell, Montague and Wixom, Mich.; and Milwaukee.
“This sale represents the culmination of a productive long-term partnership with DMI management,” said Michael Stewart, a managing director of Carlyle. “Together, we took a niche domestic automotive company out of bankruptcy and worked effectively to create a competitive global company.”
Swift thanked Carlyle for its support in the group’s prepared statement.
“Carlyle has been a great partner over the past six years as we have built DMI,” he said.
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