Bain Capital swoops on historic British car parts manufacturer TI Automotive

Michael Bow
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The US private equity outfit founded by former Presidential candidate Mitt Romney yesterday snapped up a century-old British car parts maker.

Bain Capital, which has a substantial London presence, has bought TI Automotive, which makes parts for Europe’s leading car manufacturers.

Terms of the deal were not disclosed but the transaction is thought to be worth about $1.2bn.

TI was founded as Tube Instruments in Birmingham in 1919 and merged with Smiths Industries in 2000 to form Smiths Group before TI Automotive was carved out from the group in 2001.

“Bain Capital brings to TI Automotive 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,” TI leader Bill Kozyra said. Management will stay on to lead the group following the deal.

TI Automotive used Weil, Gotshal, & Manges for legal advice while the group’s shareholder base used Blackstone Advisory Partners and a Latham & Watkins team partly based in London. Goldman Sachs and UBS were financial advisors for Bain, which was founded 30 years ago by Romney and two other Bain & Co partners.

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