Bain Capital is buying TI Automotive for an undisclosed amount.
TI Automotive, headquartered in Auburn Hills, Michigan, provides fluid storage, carrying and delivery systems to automotive manufacturers. The business has facilities in 29 countries and supplies fluid carrying systems, tank systems, pump and module systems, HVAC fluid systems and powertrain components.
Boston private equity firm Bain has made automotive investments before, including Sensata Technologies (NYSE: ST), FTE Automotive, Trinseo SA, Asimco and Hero MotoCorp Ltd. The largest middle-market transaction of 2014 was the $1 billion deal of tire-pressure monitor maker Shrader International Inc. by Sensata from Madison Dearborn Partners. Bain has about $80 billion in capital under management.
Weil Gotshal & Manges LLP is TI's legal counsel, while Blackstone is providing financial advice. Latham & Watkins is providing legal advice to an ad hoc group of TI shareholders. Goldman Sachs & Co. and UBS Securities LLC are Bain's financial advisers, while Ropes & Gray is providing legal advice. PwC is acting as Bain's accounting adviser. Lazard is advising the non-executive directors of TI's board of directors.
Automotive services and parts companies have been attracting investor interest as car sales are up globally. In January, the Carlyle Group (Nasdaq: CG) agreed to take over AxleTech International, a parts manufacturer for specialty vehicles. In December, PPG Industries (NYSE: PPG) bought Revocoat, which makes polymers for the car industry.