H2 Equity Partners has agreed to sell TB&C to Delta Electronics

TB&C

TB&C, headquartered in Germany is a leading manufacturer of bespoke high-voltage components and sunroof systems for the automotive industry. The company was founded in 2004 and has since emerged into a global leader for e-mobility components and systems within the battery ecosystem for leading automakers. TB&C operates manufacturing sites in Germany, Romania and Mexico with approximately 600 employees. The company’s sales in 2022 amount to approximately €74 million.

The Deal

The transaction is expected to enhance Delta Electronics’ electric vehicle (EV) battery management system capabilities by integrating TB&C’s technologies with Delta’s automotive component product lines. It will also generate substantial synergies by leveraging both companies’ research and development (R&D) and manufacturing resources to accelerate Delta’s overall EV business expansion on global scale. The total agreed enterprise value amounts to €142 million.

Gert Jan van der Hoeven, Founder and Managing Partner at H2 Equity Partners, commented, “The Lincoln International team managed a thoroughly prepared and highly competitive process with a very successful outcome in a very professional way. Our investments in repositioning TB&C with a new management team towards the e-mobility technology segment paid off and the company will now be able to further accelerate growth with Delta as a formidable partner.”

Our Perspective

Patrick von Herz, Managing Directors in Lincoln International’s Frankfurt Office, added, “This transaction demonstrates Lincoln International’s unique capabilities in the battery EV space, achieving an outlier valuation even in an overall challenging market environment. Lincoln International’s global automotive and mobility technology team orchestrated a highly competitive structured sales process by leveraging its unique strategic investor access, global platform and insights in the automotive e-mobility space.”

Delta Electronics

Delta, founded in 1971, is a global leader in switching power supplies and thermal management products. The company’s product portfolio comprises smart energy-saving systems and solutions in the fields of industrial automation, building technology and infrastructure as well as TMT. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across five continents generating approximately $13 billion in revenues.

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