Oxford Automotive gets $100 million equity commitment from Wilbur Ross-led investors

By Caroline Salls

Pittsburgh, Sept. 15 - Oxford Automotive Aps obtained a $100 million equity rights offering commitment from investors led by private equity investor Wilbur Ross, according to a company news release.

The release said Ross acquired shares in Oxford from former creditors who exchanged notes for equity when the company emerged from insolvency proceedings in April. Ross now owns about 25% of Oxford's equity.

"This is the first of what we hope will be a series of investments in European and American auto parts businesses," Ross said in the release. "We view our Oxford investment as an important addition to our industrial portfolio and look forward to working with management on its growth strategy."

Oxford's board of directors consists of Ross, who is also chairman of the WL Ross & Co. LLC investment firm; Herve Guillaume, chief executive officer of Oxford; Jon Bauer, managing member of Contrarian Capital Management LLC; Rolf Zimmermann, former CEO of Ford-Germany; Sarkis Kalyandjian, former CEO of GKN's automotive driveline division and Eugene Davis, chairman of Venture Group.

"Our objective is for Oxford to become a preferred Tier 1 supplier," Guillaume said in the release. "To that end, the capital increase will enable us to enhance our existing operations as well as acquire new ones."

Oxford is a Troy, Mich., auto parts maker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.