NEW YORK — Private equity firm Warburg Pincus L.L.C. and Yogesh Mahansaria, former CEO of India-based Balkrishna Tyres, have completed a $150 million purchase of majority control of Israel´s Alliance Tire Co. (1992) Ltd.
As part of the deal, the new owners said they plan to set up a factory in India for some as-yet unidentified tire lines, and will enhance Alliance´s existing plant in Israel.
Hadera, Israel-based Alliance, 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 is a private equity firm with about $20 billion in assets.