The Carlyle Group is seeking a buyer for auto parts supplier Diversified Machine Inc and the business may fetch more than $400 million for the private equity firm, people familiar with the matter said. Diversified Machine Inc, formed by Carlyle in 2005, is a precision machining company that makes chassis and powertrain components and modules for automakers and parts suppliers. Investment bank Evercore Partners (EVR.N) is running the auction process, the people said. Carlyle formed the company by acquiring all of the assets of UniBoring out of bankruptcy in November 2005, and renamed it Diversified Machine Inc (DMI). It added aluminum and iron casting capabilities over the last six years through several acquisitions, including buying assets from once-bankrupt auto parts suppliers such as Hayes Lemmerz and Metaldyne.
Evercore Partners Inc. (Evercore) is an independent investment banking advisory firm based on the dollar volume of announced worldwide merger and acquisition (M&A). Shares of EVR fell by 5.11% or $-1.21/share to $22.47. In the past year, the shares have traded as low as $23.28 and as high as $37.26. On average, 295786 shares of EVR exchange hands on a given day and today's volume is recorded at 106150.
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