Back to news
AGM Automotive, LLC (“AGM” or the “Company”) and Trive Capital (“Trive”), the Dallas-based private equity firm, are proud to announce that a subsidiary of AGM has partnered with an affiliate of CROSS Industries AG (“CROSS”), Durmont Teppichbodenfabrik GmbH (“Durmont”). AGM acquired a controlling interest in Durmont, with CROSS retaining a meaningful stake and remaining as a long-term strategic partner for the Company. Founded in 1973 and headquartered in Hartberg, Austria, Durmont is a leading carpet supplier for the European automotive industry.
AGM’s new partnership with Durmont will establish a European manufacturing facility for the Company to complement its existing operations in Asia and the Americas, further strengthening AGM and Dumont’s European and global growth strategy. In addition, the Durmont investment will augment AGM’s technical and engineering expertise in its textiles business unit.
AGM Chief Executive Officer Bob Blinstrub stated, “Successfully partnering with Durmont demonstrates AGM’s commitment to better serving our customers by enhancing the Company’s presence in Europe. AGM is dedicated to the ongoing growth of its global capabilities and development of its technical expertise.”
“Trive is enthusiastic to support this new partnership for AGM, as the AGM-Durmont combination creates a multi-continent leader in the automotive carpet and floor mat business. The Durmont investment is an example of Trive’s ability to help businesses realize growth opportunities to become differentiated platforms in the middle-market,” commented Trive Managing Director Blake Bonner.
About Durmont
Durmont (http://durmont.at) is a leading European carpet supplier for the automotive industry based in Hartberg, Austria. Superior product quality, production capabilities, engineering expertise, and experience in manufacturing automotive products makes Durmont a preferred Tier 1 supplier to major European original equipment manufacturers.
About CROSS
CROSS (www.cross-ag.com) is a Vienna, Austria-based industrial holding group that strategically and operatively focuses on the automotive sector. With its core assets KTM AG, Pankl Racing Systems AG and WP AG, CROSS has annual revenue of €1.1 billion and 4,500 employees. CROSS has owned Durmont since 2010.
About AGM
AGM (www.agmautomotive.com) is a leading global supply partner headquartered in Troy, Michigan with additional facilities located in North America, Asia, and Europe. The Company provides interior components and systems, including interior lighting, overhead console systems, textile flooring sets, and other interior assemblies, such as electronic components and wire harnesses, to the automotive marketplace. AGM offers value-added assembly, warehousing, and in-line vehicle sequencing services through its global network.