Kohlberg Kravis Roberts to by Alliance Tire stake from Warburg Pincus

Global investment firm KKR has entered into a pact to acquire a controlling stake in the tire maker.

Global investment firm Kohlberg Kravis Roberts (KKR) today said it will acquire a controlling stake in India’s Alliance Tire Group (ATG) from an affiliate of Warburg Pincus for an undisclosed amount.

KKR has entered into an agreement to acquire a controlling stake in the tire maker specialising in producing off-highway tires,the company said in a statement without

disclosing the terms of the transaction.

“KKR\’s investment will enable us to continue to expand into new markets,make strategic acquisitions,and help scale our global presence,” Alliance Tire Founder Yogesh Mahansaria said.

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Persuant to the said transaction,Mahansaria would continue to maintain an ownership stake in the company,the statement said.

“We are thrilled to be partnered with Yogesh and his management team and look forward to leveraging our global network to support their continued growth,” KKR India Head Sanjay Nayar said.

Commenting on the development,Warburg Pincus India Managing Director and Co-Head Vishal Mahadevia said : “We are confident that ATG\’s success will continue with its new partners.” Warburg Pincus was associated with Alliance Tire for the past six years.

The transaction is subject to customary closing conditions,including receipt of regulatory and third-party consents.

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Alliance Tire\’s tires are manufactured at dedicated facilities in Israel and India,with R&D facilities in Israel,India,the US and South Africa.

The Company\’s products are available in more than 120 countries,and it sells under the brand names Alliance,Galaxy and Primex.

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