Canadian firm ABC Technologies has closed the acquisition of TI Fluid Systems, a provider of automotive fluid storage, carrying and delivery systems.
The deal, which was first announced in November 2024, has an enterprise value of over £1.8bn ($2.37bn).
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It involved an all-cash offer for the entire share capital of the British automotive components supplier, with TI Fluid Systems shareholders receiving 200 pence per share.
TI Fluid Systems operates across 27 countries and caters to all major automotive manufacturers.
The transaction is expected to enhance the combined entity’s global presence and product offerings, allowing them to serve a wider range of customers, including top automotive OEMs and Tier One suppliers.
The merged business, named TI Automotive, will have a combined revenue of $5.4bn and a workforce of 34,600 across 26 countries.
TI Automotive will be led by ABC Technologies president and CEO Terry Campbell.
With its headquarters in Auburn Hills, Michigan in the US, TI Automotive will operate through a regional operating model.
Majority ownership of TI Automotive resides with affiliates of Apollo Global Management, which owns dominant stake in ABC Technologies. Oaktree Capital Management holds a minority equity interest the new entity.
TI Automotive president and CEO Terry Campbell said: “The combination creates exciting opportunities to drive innovation and manufacturing excellence, while establishing the foundations for our future growth.”
