American private investment firm Bain Capital has completed acquiring UK-based automobile fluid storage firm TI Automotive.
TI Automotive president, CEO and chairman of the board Bill Kozyra, who will go on discharging his current responsibilities with the existing management, said: "TI Automotive is extremely excited to usher in our next phase of growth in partnership with Bain Capital... We are looking forward to working with Bain Capital which has been a big supporter of TI Automotive. This is an exciting time for our company."
TI Automotive has offices in Auburn Hills and Michigan, coupled with facilities across 29 countries. It boasts a product lineup based on vehicle fluid management, such as, fluid carrying systems, tank systems, pump and module systems, HVAC fluid systems and powertrain components.
Bain Capital Managing Director Todd Cook said: "TI Automotive has achieved leading market positions across its product lines by having a disciplined focus on manufacturing high quality, performance critical fluid systems for global automotive OEMs.
"Bain Capital brings deep experience and a track record of success in the global automotive industry. We look forward to collaborating with Bill Kozyra and the management team to grow the business by enhancing the product portfolio and advancing the technology at an even faster pace."
