ATG founder sells controlling interest to KKR, Crescent Mezzanine leads funding

By Lisa Kerner

Charlotte, N.C., April 12 - KKR & Co. LP's acquisition of a controlling stake in Alliance Tire Group will be supported by a financing tranche led by Crescent Mezzanine, with additional participation by the Ivy High Income Fund, it was announced on Friday.

The interest is being acquired from Warburg Pincus.

Terms of the transaction were not disclosed by the Hadera, Israel-based tire manufacturer.

ATG founder Yogesh Mahansaria will continue to maintain an ownership stake in the company and plans to partner with KKR to continue to grow the business.

"KKR's investment will enable us to continue to expand into new markets, make strategic acquisitions and help scale our global presence," Mahansaria said in the release.

Credit Suisse advised ATG. Barclays Bank PLC and JP Morgan were the advisors to KKR.

KKR and Warburg Pincus are New York-based private equity investment firms.

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