Atar Capital, a Los Angeles-based global private investment firm, announced today that Solero Technologies has signed an agreement with Kendrion (KENDR.AS) to acquire Kendrion’s automotive business in Europe and the United States. Solero Technologies will effectuate the transaction with support from Atar Capital.

The transaction is expected to close in Q3 2024, subject to customary conditions. The transaction has an enterprise value of roughly USD 70 million (EUR 65 million). The revenue associated with the divestment is around USD 225.5 million (EUR 210 million), with TTM EBITDA of approximately USD 24.1 million (EUR 22.5 million) and represents approximately 80% of Kendrion’s automotive business.

Solero Technologies is a leading global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules with recent development and launches of active suspension and electrification components. It has served the automotive industry for more than 50 years with a reputation for its quality, precision, and safety. Kendrion’s automotive business designs, manufactures, and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy.

“With a commitment to shaping the future of mobility that prioritizes both people and the environment, the acquisition of Kendrion’s automotive business will further expand Atar’s purpose-driven portfolio into the automotive industry,” said Cyrus Nikou, founder of Atar Capital. “We’re confident this solidifies Solero’s leadership position in the space and we look forward to collaborating with the Kendrion team on the transition.”

“Kendrion’s automotive product portfolio is complementary and well aligned with Solero Technologies’ inorganic growth strategy,” said Dr. Donald James, CEO of Solero Technologies. “The combined company will be well-positioned for capitalizing on global opportunities that support the industry transformation to electrification and sustainability.”

To learn more about Solero Technologies, please visit the company’s website here.

 

Source:businesswire.com

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