Bain to Buy TI Automotive

Oxford, England-based TI Automotive Ltd. has agreed to be acquired by private-equity firm Bain Capital LLC. Bloomberg News estimates the deal's worth at about $2.4 billion.

TI Automotive's operational headquarters is in Auburn Hills, Mich. The company has been in talks with Bain about the sale for more than a year. Chairman, President and CEO Bill Kozyra and his existing management team will continue their roles at the company.

Discussions with Bain were suspended last January as TI Automotive considered a rival offer from London-based Pamplona Capital Management LLP. Reuters reported last February that Cooper-Standard Holdings Inc. also was weighing a possible bid.

TI Automotive is a global supplier of vehicle fluid management systems that include fuel tanks, fluid lines, powertrain components and pumps and modules.