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Acquisition provides stable ownership, committed to growing business and investing in technology
Existing management team will continue to lead TI Automotive
AUBURN HILLS, Mich. - 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, Michigan 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 Private Equity. “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 Private Equity. 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. The Company’s competitive advantages include its unparalleled revenue diversification, extensive low cost global footprint, award winning technologies, product development alignment with future regulatory requirements, optimal level of vertical integration, and a management team with a track record of significantly improved performance. For more information visit http://www.tiautomotive.com/.
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."