Atar Capital Announces Affiliate Solero Technologies’ Acquisition of Kendrion’s Automotive Business

October 01, 2024 at 09:00 AM EDT

The transaction reflects Atar Capital’s portfolio growth and commitment to sustainable investment

Atar Capital, a Los Angeles-based global private investment firm, today announced its affiliate Solero Technologies’ successful acquisition of Kendrion’s (KENDR.AS) automotive business in the United States and Europe.

The sale netted at an enterprise value of $67.1 million. The revenues of the divested activities amounted to $231 million with an EBITDA contribution of $23.1 million USD.

Solero Technologies is a global supplier of controls offering a comprehensive range of actuator and solenoid valve solutions that support many automotive systems including Transmission & E-Drives, Active Suspension, Thermal Management, Engine, and Comfort. Solero has served the automotive industry for more than 50 years with a reputation for our safety, quality, and precision. Atar Capital acquired Solero Technologies in 2021, adding to its portfolio of purpose-driven companies through impactful investing.

“This is an exciting opportunity to expand Atar’s purpose-driven automotive affiliate,” said Cyrus Nikou, founder of Atar Capital. “By uniting these complementary businesses, Solero is poised to accelerate the development and deployment of innovative automotive technologies that reduce environmental impact. We’re honored to partner with the Kendrion team and leverage their deep industry expertise to drive forward-thinking solutions that will shape the next generation of mobility.”

About Atar Capital

Atar Capital is a global private investment firm that acquires a wide range of lower middle market businesses exhibiting opportunities for growth, revitalization and significant value creation. Atar Capital’s principals have collectively completed 90 private equity transactions across 18 countries worldwide.

Atar Capital’s combination of operational expertise, industry knowledge and investment experience provide a unique edge in creating value and working as a true partner with its portfolio companies. The firm assists in activities ranging from growing the business to improving operations and financial performance, leveraging all available resources and talent within Atar’s leadership team, as well as its bench of seasoned senior advisors with deep sector and functional expertise. For more information, please visit www.atarcapital.com.

About Solero Technologies

Solero Technologies is a leading global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules with recent development and launches of active suspension and electrification components. The company’s capabilities include advanced design, prototyping, development, and manufacturing excellence combined with a strong intellectual property portfolio across all product categories. Solero Technologies has built an acclaimed reputation for developing and delivering high quality solenoid products to automotive OEMs, the aftermarket and other industrial sectors. The company's industry-leading solenoid products are critical to the optimal performance of vehicles today and tomorrow. Today, the company operates from its manufacturing facility in Water Valley, Mississippi, along with related sales and engineering operations in Detroit. Visit www.solerotechnologies.com for more information.

About Kendrion N.V.

Kendrion designs, manufactures, and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy. Today, these compact and connected actuators are used in wind power, robots, factory automation, electric vehicles, energy distribution and industrial heating processes, supporting the company’s OEM customers around the world in transitioning to safer and cleaner forms of energy.

As a technology pioneer and innovator, building on a foundation of over one hundred years of experience, Kendrion is driven by a desire to explore creative solutions for the engineering challenges of tomorrow. The company takes broad responsibility for how they source, manufacture, and conduct business. Sustainable business practices are integrated in the company’s processes and embedded in their culture. Rooted in Germany, headquartered in the Netherlands, and listed on the Amsterdam stock exchange, the company’s footprint extends across Europe to the Americas and Asia.