Crain News Service report
DETROIT (July 8, 2015) — Global automotive fuel systems supplier TI Automotive Ltd. said its sale to private equity firm Bain Capital L.L.C. has been completed.
Terms of the sale were not disclosed in a statement July 6. Bloomberg News, using unnamed sources, reported at that time that the deal was valued at $2.4 billion.
TI, the supplier of automotive fuel systems, is based north of Detroit in Auburn Hills, Mich. The company generated roughly $3 billion in revenue in 2014 and employs 24,000 people at 130 locations.
Bill Kozyra will continue in his current roles as TI Automotive's president, CEO and chairman.
After months of speculation over a possible deal, TI — which designs and manufactures fluid carrying, HVAC fluid, pump and module, and tank systems for the automotive industry — announced in January that it had agreed to be bought by Bain.
This report appeared on the website of Automotive News, a Detroit-based sister publication of Tire Business.