LONDON, UK: TI Fluid Systems (LON:TIFS), a leading global supplier of automotive fluid systems technology, has agreed to acquire Cascade Engineering Europe, a Hungarian-based leader in the design and manufacturing of thermal fluid connectors and other complex plastic injection moulded components for the automotive industry.
The business has a strong reputation for its technical expertise and product quality, with in-house capabilities from design and development to tooling, prototyping and serial manufacturing.
TIFS will acquire CEE for a cash consideration of $27.7 million (c. €25.4 million) or about 6x estimated 2023 EBITDA excluding synergies.
Cascade Engineering Europe (CEE) is expected to generate revenue of c.€35 million in the year ending 31 December 2023 and the acquisition will be immediately accretive to the group’s underlying earnings. The acquisition is subject to customary closing conditions and regulatory approval.
Hans Dieltjens, President and CEO of TI Fluid Systems, said, “Adding CEE’s operations and expertise to our portfolio is an important strategic step for TIFS. This acquisition grows our market share in thermal fluid connectors for electric vehicles and aligns with our overarching electrification strategy. I would particularly like to extend a warm welcome to the dedicated staff at CEE who will join the Company as it follows its growth strategy.”
TI Fluid Systems is a global innovator of thermal and fluid system solutions for the full range of current and developing vehicle architectures. Serving all major automotive manufacturers, with more than 100 years of automotive supply experience; TI Fluid Systems operates across 28 countries with a commitment to improving efficiency, performance and sustainability worldwide.
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