Bain Capital is in advanced discussions over the acquisition of auto parts supplier TI Automotive in a deal valued at nearly $2bn.
Bain Capital is in advanced discussions over the acquisition of auto parts supplier TI Automotive in a deal valued at nearly $2bn.
There is no guarantee that an agreement will be reached between Bain Capital and the auto parts supplier, reported Reuters citing sources familiar with the matter.
TI Automotive was put up for sale this summer and the second-round bids due by late October. Currently, it is unclear if other firms are seeking to acquire the company.
TI Automotive manufactures fuel tanks, powertrain components and other parts for cars and trucks. The company was acquired by a consortium of funds led by Oaktree Capital Group and Duquesne Capital Management, in a 2007 debt restructuring scheme.
Previously, Bain tried to acquire TI Automotive in 2011, when the company last put itself on the block.
Based in Auburn Hills, Michigan, TI Automotive is based in Auburn Hills, Michigan. It has current earnings before interest, taxes, depreciation and amortization of nearly $400m, and reported revenues of $3bn in 2012. The company has 23,000 employees at 130 locations in 29 countries.
