Founded in 1933 and headquartered in Southfield, MI, GST Autoleather (“GST”) is one of the larger global suppliers and producers of interior automotive leather. GST is a long-standing partner to major OEM and tier-1 customers and clients in North America, Asia, Europe, and South Africa.
GST is owned by Tokyo-based private equity firm Advantage Partners LLP, which acquired the supplier for $310 million from Citibank Venture Capital and its affiliate SILLC Holdings in 2008. Advantage entered into an agreement to sell GST to private equity firms MBK Partners of Hong Kong and Simone FC Co Ltd. of South Korea in 2015 for $400 million, but the deal never materialized. The Company filed Chapter 11 in October 2017 and remains there with disputes underway between secured and unsecured creditors. The senior lenders have made an offer to purchase the company out of bankruptcy for $132mn. [Last updated: January 24, 2018].