Fluid management TI Automotive has agreed to be acquired by private investor Bain Capital in a deal that should be completed by mid-2015.

Existing management will continue to head the company and the financial terms were not disclosed.

“We are excited that Bain Capital will invest in TI Automotive to grow the business and to enable our team to focus solely on what we do best,” said Bill Kozyra, TI’s president, CEO and chairman.

“[They bring] a deep understanding of our business and a well known track record of global success in the automotive industry, and we look forward to partnering with them.”

The deal has committed financing in place and is not subject to a financing condition but is subject to approval from TI Automotive shareholders, a substantial majority of which have pledged to support the deal.

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