Private equity firm Castle Harlan Inc. is in late-stage talks to buy Advanced Accessory Systems, one of the largest makers of automotive tow and rack systems, the companies said on Friday, according to Reuters.

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Terms of the proposed transaction weren’t disclosed, Reuters said, adding that Castle Harlan said it intended to pay off Advanced Accessory’s 9-3/4% senior subordinated notes due 2007 at the current optional redemption price of 104 7/8 of principal amount.

Castle Harlan, which has raised $US275 million for buyouts since 1992, said the acquisition is contingent on obtaining sufficient debt financing, Reuters said.

Unlisted Advanced Automotive, based in Sterling Heights, Michigan, had $156 million in long term debt as of June 30, 2002, Reuters said, citing Standard & Poor’s.

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