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Edward A. Mule, Silver Point Capital Increase Position in Cooper-Standard Holdings

Edward A. Mule‘s hedge fund Silver Point Capital, disclosed recently increasing its stake in Cooper-Standard Holdings Inc. (NYSE:CPS) by some 1.1 million shares. According to the filing, Silver Point received the shares in one deal, at a price of $23.23 per share. Following the acquisition, the fund holds a total of 4.8 million shares of the company.


The shares have not been purchased by the Silver Point directly. The fund reported about disposing 247,532 units of 7% Cumulative Participating Convertible Preferred Stock, which have been converted into the 1.1 million shares of Common Stock.

Cooper-Standard Holdings is conducting its activity through its subsidiary Cooper Standard Automotive, engaged in sealing, fuel and brake fluid transfer systems. Earlier in October, Cooper-Standard Holdings got the approval to move its stock to the New York Stock Exchange, from Over-the-Counter Bulletin Board (OTCBB). The stock of the company has a year-to-date return of over 34%, trailing a P/E of 18.xx.

For the third quarter of the year, the revenue of the company increased by over 11% over the year, and totaled $764.1 million. The company acquired Jyco Sealing Technologies during the third quarter, which brought around $12 million in sales. The net income amounted to $20.3 million, equal to $1.08 per diluted share, which represents a boost from $10.4 million posted for the same period of last year. Cooper-Standard Holdings estimates for the whole 2013 its revenue will be about $3.1 billion.

Silver Point Capital disclosed in the latest round of 13F filings its equity portfolio as at the end of September. As follows, the fund’s largest holding is a $356.9 million stake in American International Group Inc (NYSE:AIG), which amasses over 7.3 million shares. It is followed by Delphi Automotive PLC (NYSE:DLPH), and E TRADE Financial Corporation (NASDAQ:ETFC), in which Silver Point holds around 3.9 million shares and 4.4 million shares respectively, with values of $229.9 million, and $71.8 million respectively.

Disclosure: none

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