Auburn Hills, Michigan – Fluid storage and delivery systems supplier TI Automotive has agreed to be acquired by Bain Capital, a 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, with facilities in 29 countries, TI Automotive is a diversified automotive supplier. TI Automotive has a focuses 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,” says Bill Kozyra, TI Automotive president, CEO, and chairman, who will continue in his current roles.
Todd Cook, a managing director at Bain Capital, adds, “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.”
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.
Source: TI Automotive