* Cooper has been valued at over $1.5 bln-sourcesBy Soyoung KimNEW YORK, Oct 12 (Reuters) - Carlyle Group, Cerberus
Capital Management and Platinum Equity are among the private
equity firms interested in buying U.S. auto parts maker Cooper
Standard , but tough financing markets make a deal
uncertain, people familiar with the matter said.Cooper Standard, which has hired JPMorgan Chase and
Lazard Ltd to explore a sale, is in the second round of
the auction, which has been moving slowly in a volatile
financing market, one of the people said.While financing remains relatively cheap for companies with
strong credit ratings, buyout deals typically need leveraged
loans and high-yield bonds — the riskier form of lending that
carries some of the highest interest rates and often is the
first financing to be withdrawn when credit tightens.Representatives for Carlyle, Cerberus and Platinum Equity
all declined to comment. Cooper was not immediately available
for comment.Wall Street banks are becoming more selective about what
financing deals they commit to or are stiffening lending terms,
making buyout deals like Cooper Standard more costly for buyers
and therefore limiting their ability to pay.The company emerged from bankruptcy in May of 2010 under
the control of a handful of hedge funds, including Silver Point
Capital and Oak Hill Advisors. The Novi, Michigan-based
company, which makes body sealing systems and fluid handling
systems for the automotive industry, could be valued at more
than $1.5 billion, several people told Reuters previously.Meanwhile, Carlyle is also bidding for another auto parts
supplier TI Automotive, which competes with Cooper Standard in
the fluid system segment and has been considering a sale since
early this year, people familiar with the matter said on Sept.
29. Bain Capital and London-based buyout firm Pamplona Capital
Management are the other remaining bidders for TI Automotive,
the people said at that time.TI Automotive and Cooper Standard are the world’s two
largest suppliers of systems that control, sense and deliver
fluids and vapors in vehicles. But TI has greater exposure to
the fast-growing Asian markets, drawing roughly a quarter of
its revenue from China and other Asian markets.
