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Report: Bidders Line Up to Buy Dayco Engine Products
Several bidders have made offers to acquire Dayco Products LLC, a Troy, Mich.-based engine parts supplier, for as much as $1 billion, sources tell Bloomberg News.
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Several bidders have made offers to acquire Dayco Products LLC, a Troy, Mich.-based engine parts supplier, for as much as $1 billion, sources tell Bloomberg News.
The list of interested buyers is said to include equity firm Apollo Global Management LLC and Gores Group. Dayco currently is owned by an investment group led by Oaktree Capital Group LLC and TPG, which unsuccessfully tried to sell the company in 2015.
A new deal could be reached soon, according to Bloomberg. Deutsche Bank AG is acting as an advisor.
Dayco, which was founded in 1905 as Dayton Rubber Manufacturing Co., filed for bankruptcy in 2009 as part of Mark IV Industries. The company produces original-equipment and aftermarket drive belts, water pumps and hydraulic hoses. With annual sales of about $1 billion, Dayco has 4,500 employees and operates 40 facilities in 22 countries.
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