In a deal valued at $405 million, Brembo signed an agreement with Tenneco, a portfolio company of funds managed by affiliates of Apollo Global Management, Inc., for the acquisition of a 100% stake in Öhlins Racing today. “Öhlins is a strong fit for Brembo,” explains Matteo Tiraboschi, Brembo Executive Chairman. “It is a world-renowned brand, with a solid business and an unrivaled reputation, both on the racetrack and the road. With this addition, we take another step forward in our strategy to provide integrated intelligent solutions to our customers, leveraging synergies across key technologies in the vehicle’s corner.”
This acquisition continues Brembo’s investment in the motorcycle sector. In 2021 the Group acquired SBS Friction in Denmark and J.Juan in Spain. In February of this year, Brembo announced its entry into Thailand with a new production site dedicated to braking systems for motorcycle manufacturers. Brembo also controls Marchesini, the leading brand in the design and production of light alloy wheels for racing and road motorcycles. Before the addition of Öhlins, two-wheeled business accounted for approximately 13% of Brembo’s total revenues. Öhlins Racing is projected to close 2024 with a turnover in the range of USD 144 million, with an expected adjusted EBITDA margin between 21% and 22%.
“We’re confident that Brembo is the right partner to take Öhlins Racing to the next level,” adds Jim Voss, CEO of Tenneco. “This sale not only positions Öhlins and its employees for continued success under Brembo’s leadership in the market, but it also supports Tenneco’s strategy of streamlining our business portfolio and strengthening our balance sheet as we continue to execute on our long-term vision.”
“As we join forces with Brembo, we are excited to unlock new growth opportunities and leverage our respective strengths and assets to drive innovation and deliver even greater value to our customers and employees,” states Tom Wittenschlaeger, CEO of Öhlins Racing.
Founded in 1976, Öhlins Racing is based in Upplands Väsby (Stockholm), Sweden, and has a strong international footprint. Öhlins employs approximately 500 people across two production facilities located in Sweden and Thailand, two R&D centers in Sweden and Thailand, and four distribution and testing branches in the U.S., Germany, Thailand and Sweden.
