Atar Capital, a global private investment firm, has completed its carve-out acquisition of BorgWarner’s North American Controls business, a wholly owned and operated division of BorgWarner.
The acquired business is a supplier of transmission solenoids, engine solenoids, stop-start accumulators and hydraulic control modules. The deal follows Atar’s philosophy of acquiring lower middle market firms showing opportunities for growth and value creation. The deal additionally results in Ramzi Hermiz joining the firm as a board member of BWNAC and as interim CEO.
“Atar is excited to complete this carve-out with BorgWarner and acquire such an impressive world-class operation,” commented Cyrus Nikou, founder and managing partner of Atar Capital. “As a standalone company, BWNAC will focus on a growth and diversification strategy, leveraging its market-leading position serving blue-chip automotive and commercial vehicle OEMs, such as Cummins Engine, Ford Motor Company, General Motors and Stellantis.”
“Atar Capital could not be more excited about the opportunities that lie ahead for the new company,” said Vijay Mony, managing director at Atar Capital. “We welcome Ramzi as a Board Member and thank him for stepping in as the interim CEO, leading the transition of BWNAC to a standalone company. We believe combining an experienced leader like Ramzi with the engineering and manufacturing expertise of BWNAC will help create new opportunities and further the company’s leadership position in the market.”