TitanX becomes part of Tata AutoComp
EQT Opportunity and Fouriertransform sell TitanX to Tata AutoComp Systems Limited.
Gothenburg, August 16, 2016 -- Tata AutoComp Systems Ltd (“Tata AutoComp”), EQT Opportunity (“EQT”) and Fouriertransform (“Fourier”) have today entered into an agreement whereby Tata AutoComp will acquire TitanX Engine Cooling (“TitanX”).
Tata AutoComp Systems Limited, promoted by the Tata Group, is one of India’s leading auto-component conglomerates offering services across the value chain – Engineering, Manufacturing and Supply Chain. Tata Autocomp has customers across vehicle sectors, from passenger cars to utility vehicles, small and light commercial vehicles, medium and heavy commercial vehicles, off highway and agriculture vehicles as well as two and three wheelers.
“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” says Stefan Nordström, CEO of TitanX and continues:
“With Tata AutoComp as a new 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.”
“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 Limited.
Ajay Tandon, Managing Director and CEO of Tata AutoComp added “Given the challenges the auto-industry faces in emission control, this acquisition is a crucial part of our strategy of expanding globally and fortifying our presence in the Cooling and Emissions segments. Tata AutoComp welcomes TitanX to its family.”
“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.”
Sellers were advised by BDA Partners and Tata AutoComp was advised by Tata Capital Investment Banking. Subject to customary regulatory approval, the transaction is expected to be completed by the end of 2016.
For more information, please contact:
Stefan Nordström, CEO TitanX
Tel: + 46 31 727 69 50
Tatiana Temm, Director Group Communications
Tel: +46 735 42 11 51
TitanX is a world leading supplier of powertrain cooling solutions for commercial vehicles and the company serves most of the western world’s OEMs, including Volvo Trucks, Scania, Daimler and Iveco. TitanX has sales of approximately USD 200 million and has manufacturing plants in Sweden, USA, Mexico, Brazil and China.
About Tata AutoComp Systems Limited
Tata AutoComp Systems Limited (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. For more information, please visit www.tacogroup.com
Contact person at Tata AutoComp:
Mr. Shvetal Diwanji, Vice President Corporate Communications
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. For further information, please visit www.eqt.se
Contact person at EQT:
Kerstin Danasten, Press Officer at EQT
Tel: +46 8 506 55 334
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. For further information, please visit www.fouriertransform.se
Contact person at Fouriertransform:
Christian Zeuchner, Investment Director
Tel: +46 8 410 40 604