US buyout giant Kohlberg Kravis Roberts faces being forced to financially restructure one of its German investments for the first time after milder winters caused a portfolio company to underperform expectations.
Automotive supplier Auto-Teile Unger, which KKR bought in 2004 for â¬1.45bn ($2.1bn), appointed Goldman Sachs to advise on possible changes to its capital structure which could offer more breathing space after it underperformed financial expectations. The company, which makes winter tyres, has sold fewer of them as winters have become milder.
