STOCKHOLM and NEW YORK, Dec. 6,
2023 /PRNewswire/ -- The automotive technology
company Veoneer today announced that it has entered into an
agreement with an investment fund managed by American Industrial
Partners ("AIP"), for the acquisition of Veoneer's Restraint
Control Systems business from SSW Partners LP ("SSW").
The transaction with American Industrial Partners Capital Fund
VII ("AIP Fund VII") completes Veoneer's and SSW's strategy of
finding the right long-term homes for Veoneer's three original
lines of business: Arriver™ Software, now owned by Qualcomm; Active
Safety, now owned by Magna International; and Restraint Control
Systems, to be acquired by AIP Fund VII.
AIP invests in industrial businesses with a long track record of
partnering with and growing businesses across industrial end
markets, including several investments in the automotive sector.
The combination of AIP's process for investing behind operational
capabilities and Veoneer's industry-leading position, products, and
competence in Restraint Control Systems creates a strong platform
for long-term, sustainable growth for Veoneer, its customers,
products and people.
"We are pleased to announce this transaction with AIP, who bring
a differentiated operating skillset alongside long-term capital
that present a compelling platform for Veoneer's future growth,"
said Jacob Svanberg, Chief Executive
Officer, Veoneer. "We are grateful for our loyal customers,
supplier partners, and our dedicated employees, whose relentless
pursuit of quality and innovation has created a leading platform of
life-saving technology."
In April 2022, SSW acquired
Veoneer in an all-cash transaction representing a total equity
value of $4.6 billion. Qualcomm
Incorporated (NASDAQ: QCOM) subsequently completed the acquisition
of Arriver™ from SSW. On June 1, 2023
Magna International completed the acquisition of Veoneer's Active
Safety business.
Evercore and Morgan Stanley & Co. LLC acted as financial
advisors to Veoneer and SSW. Davis
Polk & Wardwell LLP and Eversheds Sutherland LLP acted
as legal counsels to Veoneer and SSW. Ropes & Gray LLP acted as
legal counsel to AIP. Baker Botts LLP acted as regulatory counsel
to AIP, Veoneer and SSW.
For more information please
contact:
For Veoneer:
Thomas Jönsson, EVP Communications & IR
thomas.jonsson@veoneer.com, tel +46 (0)8 527 762 27
For AIP:
Ryan Drumm, Partner, Marketing &
Investor Relations
IR@americanindustrial.com, tel: +1 212 627-2360
About Veoneer:
With sales of approximately $800
million for the full year 2022, Veoneer is the world leader
in Automotive Electronic Safety Systems. Veoneer's scalable,
best-in-class restraint control systems are saving lives by
mitigating the effects of car crashes. In 2023, the company's
products are part of more than 40 scheduled vehicle launches. To
date, the company has delivered more than 1 billion electronic
control units and crash sensors to car manufacturers globally. The
company is building on a heritage of 70 years of automotive safety
development. Veoneer Safety Systems has approximately 2,700
employees in 11 countries.
About SSW Partners LP:
SSW Partners invests in high-quality businesses and collaborates
with partners to create enduring value for all
stakeholders. We focus on businesses that consistently invest
in their products and people, have built their reputations based on
the quality of the goods they produce or services they provide, who
have demonstrated the capacity for innovation and constant
improvement, and who prioritize the interests of all stakeholders,
including employees, customers, owners, and the communities in
which the businesses operate.
About AIP:
AIP has deep roots in the industrial economy and currently
manages over $16 billion on behalf of
its limited partners. AIP is distinctively focused on industrial
businesses across a broad range of end-markets that include
aerospace and defense, automotive, building products, capital
goods, chemicals, industrial services, industrial technology,
logistics, metals & mining, and transportation, among others.
AIP seeks to generate differentiated returns by working with
management teams to implement comprehensive Operating Agendas to
improve profitability and build long-term value. Current AIP
portfolio companies generate aggregate annual revenues in excess of
$28 billion and employ over 70,000
employees as of September 30, 2023.
For additional detail on AIP's strategy, investment criteria, and
portfolio companies, please visit www.americanindustrial.com or
contact IR@americanindustrial.com.
The following files are available for download:
https://mb.cision.com/Main/17380/3889091/2477372.pdf
|
Release
|
View original
content:https://www.prnewswire.co.uk/news-releases/american-industrial-partners-capital-fund-vii-to-acquire-veoneers-restraint-control-systems-business-302007553.html