TROY, Mich. -- Collins & Aikman shareholders completed the sale of a nearly 60% stake in the company to former Reagan administration official David Stockman's Heartland Industrial Partners L.P. for $260 million.

The largest maker of automobile carpets said the buyout firm purchased 25 million newly issued shares for $5 a share and bought 27 million shares from Blackstone Capital Partners L.P and Wasserstein Perella Partners L.P. The company said it will use the $125 million it received before fees and expenses to pay down debt and to pay for future expansion.

Troy, Mich.-based Collins & Aikman is the fourth auto- parts maker Heartland has acquired a controlling stake in or bought recently. Heartland bought Simpson Industries for $350 million in December, MascoTech Inc. for $2 billion in November, and closely held Global Metal Technologies Inc. last month.

Collins & Aikman has set up a special shareholders' meeting March 6 for approval of the most recent transaction. Following the meeting, the board will expand to 13 members from nine, with Heartland getting seven of the seats. Blackstone and Wasserstein will now only hold one seat instead of the three they each had, Collins & Aikman said.