SOUTHFIELD, MICH. — A firm specializing in corporate turnarounds has agreed to buy automotive molder Peregrine Inc. and plans to install a new operating strategy and new executives as soon as the deal closes.
``We will have our turnaround strategy up and running within 90 days,'' said Jay Alix, a principal of the firm formed to execute the deal, Peregrine Acquisition Inc.
Alix also is founder of Jay Alix & Associates, a national turnaround consulting firm, and managing principal of Questor Partners Fund LP, a turnaround buyout fund. He is known for efforts to fix National Car Rental System Inc., Wang Laboratories Inc. and Ryder System Inc.
Alix plans to assume the role of Peregrine Inc.'s chairman, and James J. Bonsall, another principal with Jay Alix & Associates, will become chief executive officer, the companies said in a news release.
Peregrine was formed 18 months ago through the purchase of four General Motors Corp. Delphi parts plants, and the subsequent acquisition of MSI Manufacturing Group Inc. in July.
Based in Southfield, Peregrine Inc. operates Michigan plants in Battle Creek, Flint, Livonia and Warren, as well as plants in Windsor and Oshawa, Ontario. The firm makes interior and exterior auto components for original equipment manufacturers and the aftermarket, including seat assemblies, door trim panels and fascia. It also offers die, tooling and prototype development.