Mississippi-based Solero Technologies, which has its sales and engineering operations in Rochester HIlls, entered into an agreement to acquire Kendrion’s automotive business. Terms of the deal were not disclosed.
Solero is a global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules. Solero was acquired two years ago by Atar Capital, a Los Angeles-based global private investment firm.
Kendrion is based in the Netherlands. Its automotive business designs, manufacturers, and delivers intelligent actuators used in electrification and sustainable energy systems.
“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,” says Cyrus Nikou, founder of Atar Capital. “We believe this acquisition will solidify Solero’s position as a global leader.
The acquisition would expand Solero’s operations 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.
“Kendrion’s automotive product portfolio is complementary and well aligned with Solero Technologies’ inorganic growth strategy,” says 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.”
