Solero Technologies, a supplier of transmission solenoids, engine solenoids, stop-start accumulators and hydraulic control modules and backed by Atar Capital, has agreed to acquire Kendrion‘s automotive business in Europe and the U.S. for approximately $70 million.

Kendrion’s automotive business designs, manufactures and delivers actuators that look to advance the push towards electrification and sustainable energy.

“Kendrion’s automotive product portfolio is complementary and well aligned with Solero Technologies’ inorganic growth strategy,” says Donald James, CEO of Solero Technologies. “The combined company will be well-positioned for capitalizing on global opportunities that support the industry transformation to electrification and sustainability.”