TitanX Engine Cooling, a Sweden based supplier of cooling solutions to the heavy trucks market, received a SEK185m (approximataly $28.9m) investment from Fouriertransform.
Following the close of the transaction, which is subject to approval by the German and Austrian competition authorities, and is expected to be completed by the end of March 2013, Fouriertransform, a Swedish state-funded venture and growth capital fund focused on the automotive industry, will own approximately 38% of TitanX. EQT Opportunity will remain as majority owner, which acquired the company in 2008 and will appoint five board members).
The investment aims to to support the continued growth of TitanX in key markets.
Led by Stefan Nordström, CEO, the company serves customers including Daimler, Scania and Volvo, among others, form factories in Sweden (Mjällby and Linköping, Sweden) and in the US (Jamestown, NY) with new production facilities recently opened in Brazil (Jaguariuna).
Additional plants are to be opened in Mexico and China in the near future.