provided debt financing for
acquisition of
Cascadia’s Capital Markets group is pleased to announce it has successfully secured $135 million debt financing from Kennedy Lewis Investment Management and FGI Worldwide to support Solero Technologies, a portfolio company of Atar Capital, in their acquisition of Kendrion’s automotive business.
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. The company has served the automotive industry for more than 50 years with a reputation for its quality, precision and safety.
Kendrion’s automotive business designs, manufactures 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.
“Kendrion’s automotive product portfolio is complementary and well aligned with Solero Technologies’ inorganic growth strategy,” said Dr. Donald R. James, CEO of Solero Technologies. “The combined company will be well-positioned for capitalizing on global opportunities that support the industry transformation to electrification and sustainability.”
This acquisition marks a pivotal step in Solero’s growth strategy, expanding the company’s presence with five new European plants located in the Czech Republic, Germany, and Romania, as well as one U.S. plant in Shelby, North Carolina. The acquisition will significantly grow Solero’s global workforce to approximately 1,400 employees, with operations spanning both the U.S. and Europe, and is expected to double the company’s annual revenue.
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,” said Cyrus Nikou, founder of Atar Capital. “We believe this acquisition will solidify Solero’s position as a global leader.”
Cascadia’s Capital Markets team served as the exclusive financial advisor to Solero Technologies throughout the acquisition process. The team provided comprehensive support, including the structuring and securing of a split-lien, multi-currency debt financing. By leveraging their deep expertise in cross-border transactions and multi-jurisdictional financing, Cascadia played a key role in ensuring a successful outcome that aligned with Atar’s and Solero’s strategic objective.
Cyrus Nikou, Founder and Managing Partner of Atar Capital, commented, “The Cascadia team worked seamlessly with the Atar and Solero investment teams to execute the financing for this strategic investment in our portfolio company.”
Carle Felton, Managing Director at Cascadia Capital, commented, “We are proud to have supported Atar Capital and Solero Technologies in executing this strategic acquisition. Our team worked diligently to provide a tailored financing solution that supports Solero’s long-term growth objectives while navigating the complexities of the deal structure. This transaction reinforces our commitment to helping clients achieve their goals in the dynamic automotive industry.”