Los Angeles-based private equity firm The Gores Group LLC and management of Greenville-based Sage Automotive Interiors Inc. have partnered to acquire Sage from an affiliate of Azalea Capital LLC, a Greenville-based investment firm.

Sage Automotive Interiors, formerly known as Autotex, originally was the Automotive Body Cloth Division of Spartanburg-based Milliken & Company, which sold the division to Azalea Capital in 2009. The company supplies automotive bodycloth including knit and woven technical textiles to original equipment manufacturers, and its workforce currently totals approximately 1,200 people at locations in the United States as well as Brazil, the United Kingdom, China, Korea and Japan.

"The Gores Group has a superb history of supporting the businesses it acquires," said Dirk Pieper, CEO, Sage. "I am confident that Gores' financial resources and operational expertise will provide us with an enhanced ability to pursue our organic growth strategies - including deeper penetration internationally and new product development, as well as to target strategic acquisitions. I believe the partnership with Gores will strengthen our position within the global automotive market."

Sage Automotive Interiors' headquarters will remain in Greenville, and The Gores Group reports it does not plan to make major changes to the company's manufacturing operations or organizational structure.

May 10, 2011