Rochester Hills Company Purchases European Automotive Business​

ROCHESTER HILLS, MI — A Rochester Hills automotive supplier company purchased a European automotive business, according to a news release.

Solero Technologies (Solero), with support from Atar Capital, announced Monday it has entered into an agreement to acquire the Netherlands-based Kendrion's automotive business.

"Kendrion's automotive product portfolio is complementary and well aligned with Solero Technologies' inorganic growth strategy," CEO of Solero Technologies Donald R. James said. "The combined company will be well-positioned for capitalizing on global opportunities that support the industry transformation to electrification and sustainability."

The acquisition expands Solero's presence with the addition of five European plants located in the Czech Republic, Germany and Romania as well as one plant in the U.S. and would double the company's annual revenue, according to the release.

Solero is a leading global supplier of transmission solenoids, engine solenoids, stop-start accumulators, and hydraulic control modules with recent development and launches of active suspension and electrification components. It has served the automotive industry for more than 50 years with a reputation for its quality, precision and safety.

Kendrion's automotive business designs, manufacturers and delivers intelligent actuators that help advance the global push towards electrification and sustainable energy. Leading passenger car brands and system suppliers around the world rely on their customized, high-tech components and systems.

Solero was acquired two years ago by Atar Capital, a Los Angeles-based global private investment firm that prioritizes purpose-driven businesses, with a plan to expand through both organic growth and acquisitions.

"With a focus on transforming the future of mobility to benefit both people and the environment, the acquisition of Kendrion's automotive business will further expand Solero's purpose-driven strategy into the automotive industry," Atar Capital Cyrus Nikou said. "We believe this acquisition will solidify Solero's position as a global leader."