SOUTHFIELD, Mich., March 1, 2024 /PRNewswire/ -- Veoneer today announced that the American Industrial Partners Capital Fund VII (AIP Fund VII) has completed the acquisition of Veoneer's Restraint Control Systems business from SSW Partners LP. The deal was first announced on December 6, 2023.
Veoneer is a market leader in Automotive Safety Electronics. In the past year, nearly 1 in every 4 cars that left the production lines globally was equipped with Veoneer's Restraint Control System products, offering protection to vehicle occupants in the event of a traffic accident.
Veoneer's leadership position is the result of decades of delivering premium product quality, customer service, and technical innovation. AIP's ownership offers a platform for long-term sustainable growth, benefitting the workforce, suppliers, customers, and end-customers.
The transaction with AIP Fund VII completes Veoneer's and SSW's strategy of finding the right long-term homes for Veoneer's three original lines of business: Arriver™ Software, now owned by Qualcomm; Active Safety, now owned by Magna International; and Restraint Control Systems, now owned by AIP Fund VII.
Evercore and Morgan Stanley & Co. LLC acted as financial advisors to Veoneer and SSW. Davis Polk & Wardwell LLP and Eversheds Sutherland LLP acted as legal counsels to Veoneer and SSW. Ropes & Gray LLP acted as legal counsel to AIP. Baker Botts LLP acted as regulatory counsel to AIP, Veoneer and SSW.
For more information please contact:
For Veoneer:
Cathrine Stjärnekull, Communications
cathrine.stjarnekull@veoneer.com, +46 709 578181
For AIP:
Ryan Drumm, Partner, Marketing & Investor Relations
IR@americanindustrial.com, +1 212 627-2360
About Veoneer:
With sales of approximately $916 million for the full year 2023, Veoneer is the world leader in Automotive Electronic Safety Systems. Veoneer's scalable, best-in-class restraint control systems are saving lives by mitigating the effects of car crashes. To date, the company has delivered more than 1 billion electronic control units and crash sensors to car manufacturers globally. The company is building on a heritage of 70 years of automotive safety development. Veoneer has approximately 2,700 employees in 11 countries.
About AIP:
AIP has deep roots in the industrial economy and currently manages over $16 billion on behalf of its limited partners. AIP is distinctively focused on industrial businesses across a broad range of end-markets that include aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP seeks to generate differentiated returns by working with management teams to implement comprehensive Operating Agendas to improve profitability and build long-term value. Current AIP portfolio companies generate aggregate annual revenues in excess of $28 billion and employ over 70,000 employees as of September 30, 2023. For additional detail on AIP's strategy, investment criteria, and portfolio companies, please visit www.americanindustrial.com or contact IR@americanindustrial.com.
About SSW Partners LP:
SSW Partners invests in high-quality businesses and collaborates with partners to create enduring value for all stakeholders. We focus on businesses that consistently invest in their products and people, have built their reputations based on the quality of the goods they produce or services they provide, who have demonstrated the capacity for innovation and constant improvement, and who prioritize the interests of all stakeholders, including employees, customers, owners, and the communities in which the businesses operate.
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