Tenneco (Apollo) sells lighting business to Angstrom Automotive
On Friday, April 28th the previously announced transaction to sell Tenneco’s Lighting business to Angstrom Automotive Group was officially closed.Transfer Partners advised the divestiture of Tenneco´s non-core business.
ANGSTROM AUTOMOTIVE GROUP, LLC positions itself as a leading tier 1 full-service supplier for Automotive and Industrial OEMs with a growing presence in the domestic US market as well as internationally. With these acquisitions, ANGSTROM plans to enhance the attractiveness of its product portfolio, gain entrance in attractive new markets and be able to realize significant synergies in order to further boost the new group members’ success.
Headquartered in Southfield, Michigan, Angstrom is a leading supplier of electrical, molded and metal formed products to global automotive, commercial, and industrial customers. The transaction includes the sale of the remaining global Tenneco Lighting business including the Manaus, Brazil manufacturing facility, São Bernardo do Campo, Brazil R&D center as well as the Juarez, Mexico facility.
Angstrom offers a great strategic fit for the non-core Tenneco Lighting business and Angstrom brings to the table a growing global presence with expertise in the areas of electronics, wire harnesses and battery and high-voltage cable assembly as well as injection molded products. With Angstrom’s knowledge in this field, combined with the existing Tenneco Lighting technology and expertise, we see a strong path forward.
Transfer Partners’ mandate covered the process including the preparation of transaction-related documents, the identification and approach of suitable candidates/prospective buyers, due diligence management and the support in the final negotiations up until signing and closing.