KKR (NYSE: KKR ) is getting into the car business, to a certain extent. The storied private equity firm has reached an agreement to take a controlling stake in Alliance Tire Group, a multinational manufacturer of off-highway tires. The seller is fellow private equity operator Warburg Pincus. The terms of the deal were not disclosed.
KKR said in the press release announcing the acquisition that ATG founder Yogesh Mahansaria will continue to hold a stake in the company and that he will "partner with KKR to continue to grow the business."
The deal is subject to regulatory approval. KKR did not provide an estimate for when the sale might close.