A management-led investor group has purchased General...

A management-led investor group has purchased General Seating Group for $507 million from Lear Siegler Holdings Corp. in one of the largest acquisitions to take place in the auto industry. The company, formed in 1987 by Forstmann Little & Co. to acquire Lear Siegler Inc., will continue operating under the name of Lear Siegler Seating Corp. and keep its headquarters in Southfield, Mich. Kenneth L. Way will assume the duties of chairman and chief executive. Kidder, Peabody & Co. sponsored the investor group and provided a bridge loan, while Manufacturers Hanover Trust funded the senior debt and will lead a syndicate of banks in the credit.