TI Automotive, which supplies fluid storage, carrying and delivery systems to automotive manufacturers, is set to be acquired by Bain Capital — a global private investment firm.
The existing management team will continue to run the company, which was founded as Tube Investments in Birmingham in 1919. It now has its headquarters in Michigan, USA, plus UK bases in Telford, Burnaston, Oxford, Sunderland and Deeside.
Chief executive Bill Kozyra said: “We are excited that Bain Capital will invest in TI Automotive to grow the business and enable our team to focus on what we do best — manufacturing high-quality safety-critical fluid systems for our customers.
"Bain Capital has 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.”
Bain Capital managing director Todd Cook said: “TI Automotive is a market-leading company that serves its customers’ needs extraordinarily well, through a combination of innovative engineering, extensive experience and a very strong commitment to quality.
"We look forward to partnering with Bill and the TI management team to support them in their next phase of growth.”