TowerBrook Capital Partners announces today that it has entered into a definitive agreement to acquire Bosal ACPS (the “Company”), a German manufacturer of tow bars with operations in Europe and the Americas, from Bosal Group. Financial terms of the transaction were not disclosed.
Bosal ACPS is a leading manufacturer of tow bars for original equipment manufacturers and suppliers (OEM/OES) and for the aftermarket in Europe, generating sales in 2017 of approximately €250m with around 2000 employees. The Company has manufacturing facilities in Germany (where it is headquartered), Hungary, Mexico, Russia and France. The Company has a history of innovation, having invented and introduced retractable tow bars in the early 2000s and the first fully electric retractable tow bar in 2010.
TowerBrook is also pleased to announce that Gerhard Boehm, Vice Chairman of Reydel Automotive, has agreed to serve on the Board as Chairman and as CEO. Mr Boehm has extensive experience of the automotive industry: his former roles include head of FM Powertrain, CEO of Peguform and head of Continental Engine Systems. Supporting Gerhard, Bosal ACPS has a highly-experienced management team with a collective 100 years of expertise in the automotive industry. The team sees significant potential for international growth, as well as opportunities for operational improvement. They also have ambitious plans to accelerate technological innovation, partnerships and acquisitions.
Ramez Sousou, co-CEO and co-founder of TowerBrook said “Bosal ACPS enjoys a leading market position underpinned by its international footprint, product quality and innovation. The business has a number of potential opportunities to drive growth and operational improvements. TowerBrook’s expertise, together with our transatlantic networks and longstanding relationships in the automotive industry, complement and support management’s ambitious plans.”
Gerhard Boehm added “I am very excited to be joining such a dynamic business and management team. Bosal ACPS enjoys favourable mega trends in the take up of tow bars, along with a focus on more comfort, energy efficiency and leisure activity, which are driving product development in both the OEM and aftermarket segments of our business. The business has a strong product pipeline and with TowerBrook’s help it will be able to ramp up in those markets in which it is currently under-represented, such as the NAFTA region, as well as pursue an international growth strategy, including potential acquisitions”.
It is anticipated that the transaction will close at the end of Q1 2018.