NEW YORK (July 11) — Private equity firm Warburg Pincus L.L.C. and Yogesh Mahansaria, former CEO of India-based Balkrishna Tyres, have completed a $150 million deal to buy majority control of Israel´s Alliance Tire Co. (1992) Ltd.
As part of the deal, the new owners said they are planning to set up a factory in India for some as-yet unidentified tire lines while also enhancing Alliance´s existing plant in Israel.
Hadera, Israel-based Alliance Tire, previously a subsidiary of Israeli investment group Fishman Holdings, generates about $160 million in annual sales of farm and off-the-road tires and has 950 employees.
Alliance is represented in North America by Alliance Tire USA in Danville, N.J.
Warburg Pincus describes itself as a private equity investor with approximately $20 billion in assets. In business since 1971, the firm has invested $26 billion in 570 companies in 30 countries and across a range of sectors.