Advantage Partners set to buy GST AutoLeather

HONG KONG, April 9 (Reuters) - Private equity firm Advantage Partners said on Wednesday it will buy U.S.-based GST AutoLeather, their first solo buyout outside of Japan.

The Japanese fund beat out the U.S.-based buyout firm, the Carlyle Group [CYL.UL], sources with direct knowledge of the matter said.

GST provides leather upholstery for car interiors for many of the world's major automotive original equipment manufacturers, including Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz), Honda Motors Co (7267.T: Quote, Profile, Research, Stock Buzz), General Motors (GM.N: Quote, Profile, Research, Stock Buzz) and Chrysler [CBS.UL].

Advantage Partners plans to support the company's market expansion strategies, including its pursuit of the fast growing China automotive market.

"We believe GST AutoLeather has significant growth potential in the key markets in which it currently competes, as well as in newer markets such as China and the rest of Asia," said Richard Folsom, one of Advantage Partners' co-founders in a statement.

(Reporting by Alison Tudor; Editing by Ken Wills)