16 August 2016
BDA advises EQT on sale of TitanX to Tata AutoComp
Divested TitanX to Tata Autocomp
BDA Partners is pleased to announce that EQT Opportunity (“EQT”), a European Private Equity group, and Fouriertransform (“Fourier”), a state-owned Swedish Venture Capital company, have entered into an agreement to sell TitanX Engine Cooling (“TitanX”) to Tata AutoComp Systems Ltd (“Tata AutoComp”), a global automotive OEM supplier. BDA was sellside advisor to EQT on this transaction.
TitanX is a world leading supplier of powertrain cooling solutions for commercial vehicles. TitanX serves most of the western world’s OEMs, including Volvo Trucks, Scania, Daimler and Iveco. TitanX has sales of approximately US$200m and has manufacturing plants in Sweden, USA, Mexico, Brazil, and China.
“We are excited to get a new owner that has been serving the automotive industry since 1995. Tata AutoComp will take a long-term strategic view and will enable us to take the next steps in our growth strategy. With Tata AutoComp as owner, we will be working together to enhance our purchasing and operational efficiency. The acquisition gives us opportunities to further strengthen our role as a global partner of advanced cooling solutions of powertrains to our customers,” says Stefan Nordström, CEO of TitanX.
“TitanX represents state-of-the-art powertrain cooling solutions with a global presence that fits perfectly into our future growth areas. We are confident that under the successful and experienced management in TitanX, it will be a great asset and will contribute to the growth of Tata AutoComp.” says Mr. Praveen Kadle, Chairman Tata AutoComp Systems Ltd.
“Under EQT and Fourier’s ownership, TitanX has developed from a carve-out of three factories, to a renowned and leading player in the global truck cooling market,” says Magnus Hillestad, Director at EQT Partners and Investment Advisor to EQT Opportunity. “We are proud to sell TitanX to Tata AutoComp, a great strategic owner for the continued development and growth of TitanX.”
“What distinguishes BDA’s cross-border M&A platform is our deep reach into Asia, which is clearly demonstrated in the success of this assignment,” commented Andrew Huntley, Senior Managing Director of BDA based in London. “We’re proud to advise such high quality clients as EQT and Fouriertransform, and to have delivered a strong outcome for them.”
TitanX Engine Cooling is a global supplier of commercial vehicle engine and transmission cooling solutions to OEMs and the independent aftermarket. TitanX with annual sales of over 1.6 billion SEK (US$200m) has 800 employees worldwide. The company is headquartered in Gothenburg, Sweden and has manufacturing sites in Mjällby and Linköping, Sweden, Jamestown, New York, USA, Jaguariúna, Brazil, Kunshan, China and Saltillo, Mexico. www.titanx.com
About Tata AutoComp Systems Ltd
Tata AutoComp Systems Ltd (Tata AutoComp), promoted by the Tata Group, provides products and services to the Indian and Global automotive OEMs as well as Tier 1 suppliers. Tata AutoComp has own capabilities in Automotive Interior & Exterior Plastics, Composites, Sheet Metal Stampings as well as Engineering and Supply Chain. Tata AutoComp has 7 joint ventures in partnership with leading companies from the Global Auto Component Industry through which it manufactures and markets automotive components and systems like engine cooling solutions, automotive batteries, rear view mirrors, command systems, HVAC, exhaust and emission control systems for passenger and commercial vehicles as well as seating systems and suspensions for heavy commercial vehicles. Tata AutoComp has 33 manufacturing facilities spread across India including two in China. www.tacogroup.com
EQT is a leading global private equity group in Europe with approximately EUR 30 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. www.eqt.se
Fouriertransform is a Swedish state-owned venture capital company, with the strategy to invest capital and be an active owner in companies in the manufacturing industry that have innovative and commercially viable products. The company, which has a total investment portfolio of 3 billion SEK, is an owner that provides expertise, networks and sound ownership governance to help its portfolio companies achieve their full potential. www.fouriertransform.se
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Acquired Flexitech Holding
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Divested automotive aftermarket company to Wellspring Capital
Divested Hercules Tire to American Tire Distributors
Divested Longwood Industries to Wabtec Corp
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Formed strategic global alliance with FALTEC in Japan
Strategic supply agreement with Hyundai Motor in Korea
Controlled realization of European and Asian assets under UK Administration
Valuation of European and Asian assets under UK Administration
Strategic technical agreement with Pyeong Hwa Auto in Japan