TI Automotive, a leading provider of fluid storage, carrying and delivery systems to automotive manufacturers, today announced that it has entered into a definitive agreement to be acquired by Bain Capital, a leading global private investment firm. The existing management team will continue to lead the company. Financial terms of the private transaction were not disclosed.
Headquartered in Auburn Hills, Mich., and with facilities in 29 countries in all key markets, TI Automotive is a highly diversified automotive supplier with leading market positions across its product lines. TI Automotive has a broad yet exclusive 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 and 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.
Weil, Gotshal, & Manges LLP is serving as legal counsel to TI Automotive. Blackstone Advisory Partners is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to an ad hoc group of shareholders of TI Automotive. Goldman, Sachs & Co. and UBS Securities LLC are serving as financial advisors, Ropes & Gray is serving as legal counsel, and PWC is serving as accounting advisor, to Bain Capital. Lazard is advising the non-executive Directors of TI Automotive's Board of Directors.
TI Automotive is a highly diversified automotive supplier with leading market positions in the majority of its products. TI Automotive has a broad yet exclusive 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. For more information visit www.tiautomotive.com.
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