Private equity firm, Patriarch Partners, is acquiring a majority stake in Dura Automotive Systems for $125 million, The Wall Street Journal reports. The New York-based firm is planning to combine the auto glass and brake maker with its subsidiary, Global Automotive Systems.

The new combined company will be operating under the Dura name. Dura, which underwent bankruptcy reorganization for two years and exited in June 2008, has been operating as a privately held company since the beginning of 2009. With the deal, its debt will be reduced from $1.4 billion in 2007 to $150 million, adds Reuters.

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