World renowned brake firm TMD Friction has been sold to industrial German-based group Aequita.
The now-completed sale, agreed by the 135-year-old British-born firm’s parent company Nisshinbo Holdings, provides focus on future growth, more independence and flexibility, as well as more investment.
The brakes firm will remain independent as a separate legal entity with its name.
Robert Roiger, partner at Aequita, has been named co-CEO. No other management changes have been announced.
The financial details of the agreement have not been, and will not being disclosed, documents confirm.
TMD Friction’s leadership team has been thoroughly involved in the acquisition process throughout and “will do everything required to ensure a smooth transition”, the brand said.
TMD has a number of firm’s within the aftermarket sector such as Textar, Mintex, Don, Pagid, and Bendix.
They will all now join Aequita’s huge automotive division, which alongside its automotive suppliers the IFA Group, the Signata Group, the Meteor Group and the Willi Elbe Group, it records sales of more than two billion euros.
“TMD could have no better strategic partner than Aequita,” said David Baines, CEO of TMD. “This collaboration will empower Team TMD to accelerate our recovery plan.”
“Over the past three months, we have been working closely with Aequita to prepare for this day. Together we will accelerate TMD’s ongoing transformation, expanding TMD’s position as a trusted supplier of brake friction solutions.”
Roiger said: “Having worked closely with the team over the last couple of months, we are very excited to finally become the new owner of TMD.
“Together with the company’s skilled and experienced employees, we will continue to provide customers with the highest quality and service levels while materialising on the significant growth potentials ahead.”
Christoph Himmel, Aequita managing partner added: “TMD is a tremendous company and a great addition to our automotive division.”
“With more than 135 years in the brake friction industry and its strong R&D know-how, TMD has established itself as the global partner of choice for its blue-chip customer base – strong fundamentals which we will build on.
“We believe that TMD offers significant growth potential in both, the OEM as well as the independent aftermarket. Together with the company’s great management team and employees, we will aim at materializing on these potentials.”