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.