Deal Announcement 09/16: Automotive
PwC M&A acted as financial advisor to Steering Systems Beteiligungsgesellschaft mbH on the sale of 100% of the shares in tedrive Steering Systems GmbH to Knorr-Bremse AG
The Deal
In September 2016, Steering Systems Beteiligungsgesellschaft mbH has closed the disposal of 100% of the shares in tedrive Steering Systems GmbH ("tedrive Steering") including all its subsidiaries to Knorr-Bremse AG ("Knorr-Bremse"). PwC M&A Germany acted as M&A advisor to Steering Systems Beteiligungsgesellschaft mbH. We managed a competitive auction process with international strategic investors.
Steering Systems Beteiligungsgesellschaft mbH
Steering Systems Beteiligungsgesellschaft mbH is a holding company headquartered in Cologne, Germany. The firm has acquired the shares in tedrive Steering in 2010 and has successfully developed the company into a globally present automotive supplier for steering systems.
tedrive Steering Systems GmbH
tedrive Steering is a specialized development partner and manufacturer of steering systems for the global vehicle market. The company, with headquarters in Germany and around 320 employees, operates three locations in Germany, and further production, sales and technical facilities in Istanbul (Turkey), Nabereznyje Chelny (Tatarstan, Russia), Shanghai (China) and Wixom (Michigan, USA). The product portfolio encompasses rack-and-pinion as well as recirculating ball steering gear systems across all vehicle segments from small passenger cars to large trucks and buses. tedrive Steering addresses the mega-trend of autonomous driving of commercial vehicles by developing competitive, high-performance steering technology.
Knorr-Bremse AG
Knorr-Bremse is the world’s leading manufacturer of braking systems for rail and commercial vehicles, with sales totaling almost €6 billion in 2015. In 30 countries, some 25,000 employees develop, manufacture, and service braking, entrance, control, and energy supply systems, HVAC and driver assistance systems, as well as powertrain and transmission control solutions. As a technology leader, for more than 110 years now, through its products the company has been making a decisive contribution to greater safety by road and rail.
PwC
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 200,000 employees in 157 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realizing approx. 390 successful transactions per year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatizations as well as structured financing.
A team of PwC M&A Germany acted as M&A advisor to Steering Systems Beteiligungs-gesellschaft mbH.
