TI Automotive Completes Sale to Bain Capital

TI Automotive Ltd. has completed its long-awaited sale to Bain Capital. Terms were not disclosed, but sources have told Bloomberg News the deal is worth about $2.4 billion.

The company is registered in the U.K., headquartered in Auburn Hills, Mich., and generates sales of about $3 billion per year supplying the auto industry with fuel tanks, fuel lines and other fluid management products. It estimates its products can be found in two-thirds of all vehicles on the road today.

TI Automotive has been in on-again, off-again talks with Bain for three years. TI Automotive previously was owned by a group of hedge funds led by Oaktree Capital Group LLC and Duquesne Capital Management LLC that acquired the company in 2007.

Bill Kozyra, the company's chairman, president and CEO, will continue in those roles and lead the company's existing management team.