TMD Friction Acquired in Equity-backed Management Buy Out
On 3 April TMD Friction was bought out in an all equity acquisition led by its senior management team and Pamplona Capital Management, a London-based investment fund. According to a company statement, the move will safeguard approximately 3,800 jobs worldwide. Completion of the acquisition is expected by the end of April.
TMD Friction manufactures disc brake pads and drum brake linings for passenger cars and commercial vehicles, together with brake pads for racing cars, and friction materials for industrial and rail applications. TMD Friction supplies global automotive and commercial OEMs across a wide range of vehicle platforms. The company is also one of the largest suppliers to the global aftermarket with its Textar, Pagid, Mintex, Don, Cobreq, and Cosid brands. The company operates from locations across Europe, the US, Brazil, Mexico, China and Japan.