Heartland takes controlling stake in Collins & Aikman
DETROIT -- Automotive interior maker Collins & Aikman Corp., whose results have slumped amid slower auto production and costs related to retirement of debt, said that private equity firm Heartland Industrial Partners, LP will take a 60% stake valued at $260 million.
Heartland, founded by former President Reagan cabinet member David Stockman, will buy 25 million newly issued primary shares from Collins & Aikman at a price of $5 each.