DETROIT-Auto supplier Cambridge Industries Inc. has sold a minority stake in its business to Bain Capital Inc., a Boston-based investment firm. Cambridge, headquartered in Madison Heights, Mich., did not disclose details of the partnership with Bain. The investment firm, according to Cambridge, manages a pool of capital in excess of $500 million and has invested in a number of automo-tive suppliers.
Bain's position replaces that of Donaldson, Lufkin and Jenrette, another investment firm.
In a recent telephone interview, Cambridge President Richard Crawford said the Bain investment will allow the fast-growing auto supplier to continue in its role as a ``consolidator'' in the industry.
Bain, through its sister firm Bain & Co., also will act as a management consultant to the supplier.
Cambridge has grown largely through the acquisition of plastics components makers, including Voplex Corp. in 1992 and the automotive plastics business of Rockwell International Corp. last year.
Cambridge, which is expecting sales of better than $325 million this year, also is keen on expanding into new global markets.
``Our next priority will be to get a strong position in Europe,'' Crawford said.
Bain & Co. will advise Cambridge on a variety of issues, but will not assume an operating role, Crawford said. He said Bain has a ``tremendous depth of resources'' that will assist Cambridge in its quest to strengthen its position in the industry and expand globally.
``When you're growing as rapidly as we are, the scarce resource is usually not capital, it's human,'' Crawford said.
Cambridge, with 2,700 employees, produces a variety of parts for interior, exterior, powertrain and chassis applications.