HIG Capital, a $60bn global alternative investment firm, has agreed a carve-out deal for the thermal commercial vehicles division from France-based global automotive parts supplier Valeo.
Following the closing of the deal, which is expected to close later this year and is subject to customary regulatory approvals, the business will operate under the name Spheros.
Headquartered in Germany, Spheros is a specialist developer and manufacturer of thermal management solutions for a wide range of passenger buses and coaches (both conventional and electric), as well as refrigerated transportation fleets. The company offers products including air conditioning systems, heaters and coolant pumps.
In a press statement, Tobias Borkowski, a Managing Director on the private equity team at HIG Europe, said: “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 towards clean and sustainable mobility solutions. We believe HIG is the ideal partner to support the management team in the next phase of its growth.”
