## First Brands Group Holdings: A Comprehensive Overview **What They Do:** First Brands Group is a leading American auto parts company, specializing in a wide range of automotive aftermarket products. Their portfolio includes brands like Fram filters, Raybestos brakes, and Autolite spark plugs, among others. The company supplies products to major auto parts retailers, warehouse distributors, mass merchants, and e-commerce platforms. **History:** Founded in 2013 as Crowne Group by Patrick James, the company was rebranded as First Brands Group in 2020. It rapidly expanded through strategic acquisitions, including Trico windshield wipers in 2014 and Raybestos brakes in 2020. Notable acquisitions also include Fram filters and Autolite spark plugs in 2019. **Key Achievements:** First Brands Group has become a significant player in the automotive aftermarket, with a diversified portfolio of brands and a strong presence across major distribution channels. For the year ended 2024, the company reported net sales of approximately $5 billion, with revenue segmented across braking products, vision and lighting, repair and towing, and filtration products. **Current Status:** In September 2025, First Brands Group filed for Chapter 11 bankruptcy protection, citing substantial leverage and liquidity pressures. The company's bankruptcy is attributed to concerns over its liabilities, which range from $10 billion to $50 billion, against assets valued between $1 billion and $10 billion. The filing has also exposed significant exposure for several financial institutions, including UBS and Jefferies Group. **Notable Aspects:** First Brands Group's bankruptcy highlights systemic risks in corporate financing, particularly through opaque off-balance sheet financing and supply chain financing. The company's aggressive acquisition strategy, largely funded by private credit markets, has been scrutinized for its role in the financial challenges leading to bankruptcy. Despite its current financial difficulties, First Brands remains a significant player in the automotive aftermarket, with a wide range of brands and products that