The US raider, an alternative investment firm that was co-founded by 2012 US presidential candidate Mitt Romney, is thought likely to complete the acquisition this week.
The Oxford-based TI is one of the largest players in British car part manufacturing and could be worth over £1.2bn. The firm employs approximately 23,000 staff across its global operations and supplies a raft of big-name car makers including Bentley, Audi, Jaguar Land Rover, Bentley and Ford.
TI was founded in 1919 in Birmingham under the name Tube Investments. It would later merge with engineering firm Smiths before being spun off in 2001. The company, which is chartered in Britain but based in the US, is currently owned by American asset manager Oaktree Capital.
The Boston-based Bain has twice previously attempted to swoop for TI, in 2011 and 2013. But on both occasions talks broke down over the company’s valuation.
If the deal is completed, TI will be added to Bain’s expanding portfolio of British manufacturers. The buyout specialist last month snapped up Ibstock, one of the UK’s oldest brick makers, as part of £414m deal.
Bain declined to comment.