Solero Technologies Reaches Agreement to Acquire Kendrion's Automotive Business

The acquisition would significantly expand product offerings, geographic footprint and customer base

ROCHESTER HILLS, Mich., April 15, 2024 /PRNewswire/ -- Solero Technologies (Solero), with support from Atar Capital, announced today it has entered into an agreement to acquire Kendrion's automotive business.

Solero 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. It has served the automotive industry for more than 50 years with a reputation for its quality, precision and safety. Kendrion's automotive business designs, manufacturers and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy. Leading passenger car brands and system suppliers around the world rely on their customized, high-tech components and systems.

"Kendrion's automotive product portfolio is complementary and well aligned with Solero Technologies' inorganic growth strategy," said Dr. Donald R. James, CEO of Solero Technologies. "The combined company will be well-positioned for capitalizing on global opportunities that support the industry transformation to electrification and sustainability."

The acquisition would expand Solero's presence with the addition of five European plants located in the Czech Republic, Germany and Romania as well as one plant in the U.S. and would double the company's annual revenue.

Solero was acquired two years ago by Atar Capital, a Los Angeles-based global private investment firm that prioritizes purpose-driven businesses, with a plan to expand through both organic growth and acquisitions.

"With a focus on transforming the future of mobility to benefit both people and the environment, the acquisition of Kendrion's automotive business will further expand Solero's purpose-driven strategy into the automotive industry," said Cyrus Nikou, founder of Atar Capital. "We believe this acquisition will solidify Solero's position as a global leader."

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 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.

SOURCE Solero Technologies