GlobalData’s deals database  reveals that TI Fluid Systems Plc, a leading global supplier of automotive fluid systems technology, has agreed to acquire Cascade Engineering Europe Kft, a Hungarian-based leader in the design and manufacturing of thermal fluid connectors and other complex plastic injection moulded components for the automotive industry.

The business has a strong reputation for its technical expertise and product quality, with in-house capabilities from design and development to tooling, prototyping and serial manufacturing.

TIFS will acquire CEE for a cash consideration of $27.7 million (c. €25.4 million) or about six times estimated 2023 EBITDA excluding synergies. CEE is expected to generate revenue of c.€35 million in the year ending 31 December 2023 and the acquisition will be immediately accretive to the group’s underlying earnings. The acquisition is subject to customary closing conditions and regulatory approval.

Why it matters

The acquisition will increase TIFS’ thermal connector market share while enhancing its technology in this rapidly growing segment of electrified vehicles. Cascade Engineering has a strong product reputation and good in-house engineering capabilities.

The acquisition also aligns with TIFS’ overarching electrification strategy.

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