Private equity (PE) major, KKRhas said that it has acquired tyre maker Alliance Tire Group (ATG) in the country's largest PE deal among unlisted firms in six years.

KKR has acquired a majority stake in the tyre maker from US-based Warburg Pincus under the deal.  However, the companies did not announce the financial details of the deal but it is believed that the transaction is valued at around $500 million.

Sanjay Nayar, Member of KKR and Head of KKR India said, "ATG is a leader in an attractive industry, with strong underlying growth drivers.  We look to leveraging our global network to support their continued growth."

KKR is set to acquire 80 per cent stake of Warburg Pincus and 10 per cent stake from the promoter.  The remaining stake will be held by Mahansaria family, the promoter of the group.  Alliance Tire was established in Israel in 1950 and manufactures off-highway tyres.  The company employs 2,500 and carters to agricultural, forestry and construction industries.

It has presence across 120 countries and is aiming to achieve a turnover of $600 million.  The company manufactures units in Israel and India and has &D units in Israel, India, the US and South Africa.