Silverfleet sells BST Safety Textiles to WL Ross & Co. LLC

Silverfleet Capital, a mid-market private equity specialist, has announced the sale of airbag manufacturer BST Safety Textiles to WL Ross & Co. LLC. The sale is subject to competition clearances.

BST Safety Textiles (BST), headquartered in Maulburg near Lörrach (Baden-Württemberg), is one of the leading companies in the worldwide market for the development and manufacturing of fabrics for the automotive airbag segment as well as for seatbelts and commercial webbing in North America. BST employs some 1,250 personnel around the world and is expected to generate revenues of approx. € 220 million in the current year.

WL Ross & Co. LLC was formed in April 2000 by Wilbur Ross, Jr. and today manages over $ 3,5 billion in private equity funds. WL Ross has investments in the steel, textile, coal, automotive and financial services industries worldwide. Their portfolio investments in the textile and automotive industries include International Textile Group, Inc., a global, diversified provider of fabrics and textile solutions; Safety Components International, Inc. (SCI), a leading low-cost, independent supplier of high quality automotive airbag fabric and airbag cushions for automotive airbag modules, with operations in North America, Europe, South Africa and China.

BST as the leading independent airbag weaver will contribute to WL Ross’ Automotive Safety Components Activities and would especially further strengthen SCI as the largest independent airbag confectionary business. Both companies are market leaders in their respective segments.

Hans Graefe, CEO of BST Safety Textiles said: “I’m very excited about BST becoming part of the WL Ross Group of companies including their automotive and textile business. We are confident that this venture will create enhanced opportunities to serve the needs of our long-term customer base through the continued supply of high quality products in the automotive restraint business.“

Wilbur L. Ross, Jr., Chairman and Chief Executive of WL Ross & Co., welcomed the agreement stating: “We are very excited to be acquiring BST Safety Textiles and believe there will be significant collaborative opportunities with many of our other portfolio companies, including Safety Components International, International Textile Group and International Auto Components.”

Dr. Sebastian Kern, Managing Director of Silverfleet Capital GmbH and member of the

Supervisory Board of BST, welcomed the transaction. “We believe that there is a strong commercial logic for a closer cooperation between SCI and BST as the combined entity will be able to offer the entire textile product range for airbags including airbag design and will have the necessary global reach as required by the customers. In a consolidating industry this will be a benefit for both companies.”

Silverfleet was advised by Skadden Arps (Legal) and Rothschild (Corporate Finance).

Approved by Silverfleet Capital Limited; authorised & regulated in the UK by the Financial Services Authority.

For further information please contact:

Silverfleet Capital
Dr. Sebastian Kern, Director
Thessa von Hülsen, Associate Director
Tel.: +49 (0)89 238896-12
Tel.: +49 (0)89 238896-13

For German media enquires:

fischerAppelt, ziegler GmbH
Ulf Ziegler
Tel.: +49 (0)40 899 699 0