TI Auto to be bought by Bain Capital

After two previous attempts, private equity firm Bain Capital has struck lucky on the third attempt with its buy over of auto fluid storage, carrying and delivery systems supplier TI Automotive. The existing management team will continue to lead the company. Though financial terms of the private transaction were not disclosed, the deal is reportedly valued at US$2.4 billion. The current owners include Oaktree Capital Management, which acquired the company with other investors in 2007.

Founded in 1919, the firm is headquartered in Auburn Hills, Michigan, and has facilities in 29 countries in all key markets, TI Automotive is a highly diversified automotive supplier with a focus on vehicle fluid management, and major global product areas include Fluid Carrying Systems, Tank Systems, Pump and Module Systems, HVAC Fluid Systems, and Powertrain Components.

“We are excited that Bain Capital will invest in TI Automotive to grow the business and to enable our team to focus solely on what we do best – manufacturing high quality, safety critical fluid systems for our customers,” said Bill Kozyra, TI Automotive President, CEO/Chairman of the Board, who will continue in his current roles. “Bain Capital brings to TI Automotive a deep understanding of our business and a well-known track record of global success in the automotive industry, and we look forward to partnering with them.”

“TI Automotive is a market leading company that serves its customers’ needs extraordinarily well, through a combination of innovative engineering, extensive experience, and a very strong commitment to quality,” said Todd Cook, a Managing Director at Bain Capital. “We look forward to partnering with Bill and the TI management team to support them in their next phase of growth.”

The transaction has committed financing in place and is not subject to a financing condition. The deal is subject to approval from TI Automotive shareholders, a substantial majority of which have pledged to support the deal. Closing is expected in mid-2015, pending regulatory review and other customary closing conditions.

Bain Capital has invested in a number of auto parts suppliers over the years, including Sensata Technologies of the Netherlands and FTE Automotive of Germany. The firm had tried in 2011 and in 2013 to buy TI Automotive, but the sides could not agree on price.

(IMA)

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