US-based private equity firm The Carlyle Group has sold its auto parts maker Diversified Machine (DMI) to Platinum Equity, a private equity investment firm.
DMI is a vertically-integrated supplier of fully engineered chassis and powertrain components and modules for the automotive manufacturers and suppliers.
Carlyle Strategic Partners initiated the investment in DMI with the November 2005 bankruptcy court purchase of an automotive component machining and manufacturing operation.
Following the purchase, CEO of DMI, Bruce Swift, will continue in his role.
Michael Stewart, a managing director of Carlyle Strategic Partners said that this sale represents the culmination of a productive long-term partnership with DMI management. Together they took a niche domestic automotive company out of bankruptcy and worked effectively to create a competitive global company.
Terms of the transaction were not disclosed.