- EQT Opportunity sells TitanX, a leading company in the global truck cooling market
- During EQT Opportunity´s ownership, TitanX has been developed from a carve-out of three factories to a global technology leader in the engine and oil cooling space
STOCKHOLM, 17-Aug-2016 — /EuropaWire/ — Tata AutoComp Systems Ltd (“Tata AutoComp”), EQT Opportunity (“EQT”) and Fouriertransform (“Fourier”) have entered into an agreement whereby Tata AutoComp will acquire TitanX Engine Cooling (“TitanX” or “The Company”).
TitanX is a world leading supplier of powertrain cooling solutions for commercial vehicles. The Company serves most of the western world’s OEMs, including Volvo Trucks, Scania, Iveco and Daimler. TitanX has a yearly turnover of SEK 1.6 billion and manufactures in Sweden, USA, Mexico, Brazil and China.
Tata AutoComp is part of the Tata Group of India, a conglomerate which includes companies such as Jaguar Land Rover in UK and Daewoo Motors in Korea. Tata AutoComp is one of India’s leading vehicle component groups with customers across automotive sectors, from passenger cars to heavy duty trucks and agriculture vehicles.
“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. “EQT is proud to sell TitanX to Tata AutoComp, a great strategic owner for the continued development and growth of TitanX.”
With Tata AutoComp as a new owner, TitanX will be able to leverage their Asian presence by establishing relationships with the leading commercial vehicle OEMs in Asia as well as working together with Tata AutoComp’s purchasing and R&D departments to drive efficiency and new product innovations.
“We are excited to get a new owner that is a professional manufacturer of components to the broad automotive industry,” says Stefan Nordström, CEO of TitanX. “They will take a long-term industrial view of TitanX and thereby create long-term stability for the company. This in turn will enable TitanX to take the next steps in our profitable growth plan.”
“TitanX represents state of the art powertrain cooling with a global presence that fits perfectly into our future growth areas,” says Ajay Tandon, Managing Director and Chief Executive Officer of Tata AutoComp. “Focus going forward is to expand Tata AutoComp globally in the cooling and emissions segment in particular. TitanX is a crucial part of this strategy and we look forward to work together with the experienced management.”
The acquisition is subject to customary regulatory approvals and is expected to be completed during the fall of 2016.
EQT and Fouriertransform were advised by BDA Partners, ABG Sundal Collier, Carnegie and Vinge.
Kerstin Danasten, Press Officer, +46 8 506 55 334
EQT is a leading global private equity group 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.eqtpartners.com
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.
For further information, please visit www.titanx.com
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 further information, please visit www.tacogroup.com