MANN+HUMMEL has agreed to buy Affinia Group, an Ann Arbor, Michigan-based provider of replacement parts for on and off-road vehicles. No financial terms were disclosed. Robert W. Baird & Co served as financial advisor to Affinia on the transaction. Affinia is backed by Cypress Group, OMERS and Northwestern Mutual.
GASTONIA, N.C., Aug. 17, 2015 /PRNewswire/ — Affinia Group, an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, today announced that it has entered into a definitive merger agreement, pursuant to which Affinia Group, including its global filtration operations (but excluding its Affinia South America (“ASA”) operations), will be sold to MANN+HUMMEL. Based in Ludwigsburg, Germany, MANN+HUMMEL is a privately-held global filtration expert offering filtration solutions to original equipment and aftermarket customers in both the automotive and industrial sectors.
“Our agreement with MANN+HUMMEL continues us along a path that has guided us for 75 years – a commitment to innovative solutions and high-quality filtration products,” said Keith Wilson, President and Chief Executive Officer of Affinia Group. “We are excited to align our technologies and capabilities to provide our customers, employees and partners with unparalleled excellence and opportunity.”
“We believe that this partnership with MANN+HUMMEL will accelerate our growth potential, provide access to new technologies and capabilities, and enhance our financial strength and global scale to excel in the global marketplace. We couldn’t be more thrilled about the potential this brings to our global brands, and most importantly, our dedicated people that have helped build our legacy of leadership and innovation.”
The acquisition is subject to regulatory approval and other customary closing conditions.
Affinia Group’s financial advisor on this transaction is Robert W. Baird & Co and legal advisor is Hogan Lovells.
Affinia Group is an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, including extensive offerings of aftermarket parts for automotive and heavy-duty vehicles. With approximately $1.4 billion in annual revenue, Affinia has operations in North and South America, Europe, and Asia. For more information, visit www.affiniagroup.com.