HP Pelzer Group, a global acoustic components supplier, has been taken over by its three top executives and an Italian private equity group.
Pelzer's three co-heads, Frank Sandfort, Klaus Schumann and Luca Warnke, have acquired a 51 percent majority of shares in the company.
The Turin-based Adler Group holds the remaining 49 percent. Adler develops and produces acoustic components and plastic trim parts for car interiors.
Previously, a syndicate led by Goldman Sachs owned Pelzer, which was hit hard by the global economic crisis and the auto industry downturn.
Pelzer has received fresh financing with a loan from a consortium led by Deutsche Bank AG. The loan is guaranteed by the German state of North Rhine-Westphalia.
Pelzer said its automotive customers are also supporting the realignment of the company with new supplier contracts.
"The current order situation at Pelzer is promising," said Schumann, the supplier's chief marketing officer.
Pelzer and Adler have already been working together for several months and "complement each other excellently with their differing customer bases and geographic footprint," Pelzer said in a statement.
Pelzer employs 5,000 people in 37 production sites and five development locations in 18 countries, including five locations in the United States and three in Mexico.
In 2009, the company had sales of about 478 million euros ($645,000). Pelzer's sales in the NAFTA region are about 20 percent to 25 percent of its total revenue.