Brembo buys suspension maker Ohlins Racing for $405 million
Adds details of acquisition, context from paragraph 3, quotes from statement
MILAN, Oct 11 (Reuters) -Italy's Brembo BRBI.MI said on Friday it had agreed to buy suspension technology manufacturer Ohlins Racing for $405 million, in the premium brake maker's biggest ever acquisition.
Swedish-based Ohlins will be fully acquired from Apollo Global Management-backed Tenneco and will be paid through available cash, Brembo said in a statement.
Brembo Executive Chairman Matteo Tiraboschi said Ohlins was a "strong fit", helping it expand its offerings for the automotive market.
"With this addition, we take another step forward in our strategy to provide integrated intelligent solutions to our customers, leveraging synergies across key technologies in the vehicle's corner," he said.
Brembo, which is controlled by Italy's Bombassei family, with a stake of around 70%, earlier this month raised over 280 million euros in cash through the sale of its entire 5.6% stake in tyre maker Pirelli PIRC.MI, a move that also ended speculation about a merger between the two Italian groups.
The statement added that Ohlins Racing was committed to developing the next generation of mechatronic suspension technology for both road and track, reinforcing "Brembo's mission to be a solution provider for future mobility".
With a revenue expected to reach around $144 million at the end of the year, Ohlins Racing produces a wide range of products, including shock absorbers, front forks, steering dampers, software and algorithms. It is also a supplier of motoracing championships, including Formula 1 and MotoGP.
The group has 500 employees across two production facilities, in Sweden and Thailand, two R&D centres and four distribution and testing branches in the U.S., Germany, Thailand and Sweden, Brembo said.
"As we join forces with Brembo, we are excited to unlock new growth opportunities and leverage our respective strengths and assets to drive innovation and deliver even greater value to our customers and employees,” said Tom Wittenschlaeger, CEO of Ohlins Racing.
The acquisition is expected to close in early 2025.
BofA Securities is acting as financial advisor to Brembo, while Jefferies is acting as lead financial advisor to
Tenneco.
Reporting by Giulio Piovaccari, editing by Giulia Segreti, Elaine Hardcastle
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