"With world class development capabilities and strong customer relationships, we found great alignment with our existing offerings at Motherson," said Vivek Chaand Sehgal, Chairman, Samvardhana Motherson Group. "The synergistic combination of complementary portfolios will create a stronger business. We are very excited about this partnership. It brings us closer to meeting our 2020 targets and helps us achieve ‘3CX 15', our strategy to not have any component, customer or country contributing more than 15% to our business."

"We are proud to have contributed to Reydel's significant accomplishments in recent years," said Dev Kapadia, Senior Managing Director of Cerberus and Co-Chair of the Cerberus Private Equity Investment Committee. "Following a successful carveout from Visteon, we partnered with the business to develop a high-performing and focused management team that was able to vastly improve financial performance. Since our acquisition in 2014, Reydel's EBITDA has transformed from US$ (16) million in 2013 to US$ 68 million in 2017. Samvardhana Motherson Group is a world class company, and this transaction would fulfill one of our key objectives, which is to position the business with a leading entity that will take Reydel to an even higher level of performance and success."

Benoit Rolland, CEO of Reydel, said, "The Cerberus team has been a great partner for Reydel during our efforts to improve our profitability and carve-out the business. We look forward to joining the Samvardhana Motherson Group, and this transaction would ensure that we will have excellent opportunities as part of one of the world's leading suppliers to the automotive industry."

The transaction will be discussed with employee representatives and, subject to obtaining customary regulatory and other approvals, could close within the next four to six months. The consideration is expected to be financed using existing cash and banking limits at SMRPBV.

Evercore acted as exclusive financial advisor to Cerberus and Reydel, and Linklaters LLP acted as legal advisor. Latham & Watkins acted as legal advisor to Motherson for the transaction and Norton Rose as legal advisor to Motherson for Anti-trust related matters.

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