Transaction expands Solero's global reach, boosts capabilities and enhances offerings
ROCHESTER HILLS, Mich., Oct. 10, 2024 - Solero Technologies (Solero) is officially rebranding its new locations following the recent acquisition of Kendrion Automotive. This acquisition provides Solero with a presence in Europe, substantially increases the company's scale globally and expands its product offerings.
"Solero Technologies' automotive product portfolio, now with the combined roadmap of Kendrion Automotive, continues to be well-positioned for capitalizing on global automotive OEM trends that support the transformation to electrification and sustainability," said Dr. Donald R. James, CEO, Solero Technologies. "Specifically, our company's controls expertise positions us to win business across active suspension, thermal management for electric vehicles, smart actuation, engine, and transmission applications. We are globally balanced for growth and fit for the future of mobility."
The transaction, valued at 65 million euro, was first announced in April. The acquisition introduces an expanded pipeline of customers and products as well as offers opportunities for future business growth. Additionally, it will grow Solero's workforce to approximately 1,400 employees worldwide, as the company adds five locations to its footprint across Europe in Czechia, Germany and Romania and an additional U.S. location in Shelby, North Carolina.
Solero is a leading global automotive supplier with a reputation for its safety, quality, and precision. It was acquired in 2022 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.
"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 Solero Technologies
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. The company's capabilities include advanced design, prototyping, development and manufacturing excellence combined with a strong intellectual property portfolio across all product categories. Solero has served the automotive industry for more than 100 years with a reputation for our safety, quality, and precision. Visit www.solerotechnologies.com for more information about the expanded footprint and portfolio.
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
