BBK Advises Detroit Technologies on Acquisition of Formed Fiber Technologies
Transaction supports more than 750 manufacturing jobs in the automotive sector
SOUTHFIELD, MI--May 29, 2013: BBK Holdings (BBK), the international business advisory firm, today announced that it served as the lead financial and operational adviser to Detroit Technologies, Inc. (DTI) on its acquisition of Formed Fiber Technologies, Inc. (FFT).
"BBK's deep automotive experience, both financially and operationally, combined with their strong relationships and reputation was instrumental in completing this strategic deal for DTI," said Steven Phillips, president and chief executive officer of DTI. "The team's diligent and professional approach helped us structure a deal that was beneficial for both DTI and FFT, as well as our customers and will provide the foundation for our next growth phase."
Bill Diehl, BBK's president and chief executive officer added, "BBK has a long-standing relationship with DTI and we believe in their core capabilities in automotive interiors, strong management team and growth strategy. We believe that as the supply base continues to be compressed there are other opportunities for solid companies like DTI to expand their capabilities and footprint and provide significant value to the customers by doing so. BBK will continue to work with DTI to ensure a smooth integration process with FFT going forward."
Headquartered in Bingham Farms, MI, DTI is a leader in providing interior trim solutions to automotive manufacturers through its various business units including DTI Design, DTI Plastic Products, DTI Leather and Trim, DTI Distribution and Alliance Interiors. The company is also minority business enterprise (MBE) certified. Its customers include GM, Chrysler, Toyota and Ford.
With more than 766 employees, FFT is North America's largest supplier of needlepunched nonwoven fabrics and polyester staple fibers to OEMs and converters primarily in the automotive industry. Headquartered in Auburn, ME, FFT operates plants in Sidney, Ohio and Sumter, SC, and is the only auto supplier that is vertically integrated from fiber to fabric to finished part.
BBK served as the exclusive financial and operational adviser to Detroit Technologies, Inc. for the transaction. Financing for the deal was arranged by Monroe Credit Advisors LLC. Terms of the deal were not disclosed.