An affiliate of H.I.G. Capital plans to carve out Valeo’s thermal commercial vehicle division in a newly signed agreement between the firms. The company will operate as Spheros following closing of the transaction, which is expected to occur this year, pending regulatory approvals, the parties reported.
“We have been impressed by Spheros’ track record of continuous growth, and we see significant potential in leveraging its worldwide leadership position to support a transition toward clean and sustainable mobility solutions,” Tobias Borkowski, H.I.G. Europe private equity team managing director, said in a news release.
“We believe H.I.G. is the ideal partner to support the management team in the next phase of its growth.”
Headquartered in Germany, the company is a global developer and manufacturer of thermal management solutions for refrigerated transportation fleets, as well as a range of passenger buses and coaches. The company offers a range of products, including air conditioning systems, heaters, coolant pumps, and other related hardware.
“We are delighted to have the opportunity to acquire Spheros,” said Markus Noe-Nordberg, managing director and head of the H.I.G. Europe middle market private equity team. “H.I.G.’s success investing in corporate carve-outs will be instrumental in helping the company’s management team accelerate the expansion of the business.”
Added Mark Sondermann, newly appointed Spheros CEO: “Our entire management team is thrilled to welcome H.I.G. as our new partner.
“I am very excited to work with the team at H.I.G. to capitalize on the significant potential we have on a global landscape. We are well positioned to continue pushing forward with plans for growth, capitalize on our leading position in the conventional and electric bus segment, and explore considerable opportunities in adjacent market segments.”
