United States. Tenneco, a global supplier of auto parts, announced a strategic investment by the Apollo Fund X in its Clean Air and Powertrain divisions.
The transaction seeks to accelerate the company's growth and strengthen its position in the automotive industry. Private equity firm American Industrial Partners will also participate in the investment, cementing financial backing for Tenneco's expansion. Despite the move, the company will keep its operating structure and management team unchanged.
Since being acquired by Apollo funds in 2022, Tenneco has undergone an operational transformation, optimizing its structure and improving its financial performance. With this new capital injection, the company expects to accelerate its growth both organically and through strategic acquisitions.
"Apollo's endorsement reaffirms confidence in our long-term vision," said Jim Voss, CEO of Tenneco. "This investment will allow us to execute more efficient strategies and consolidate ourselves as a benchmark in the transportation industry."
The deal, which is expected to close in the second quarter of 2025, strengthens the relationship between Apollo and Tenneco, said Michael Reiss and Shahid Bosan, leaders of the investment team at Apollo.
Citigroup Inc. and Deutsche Bank Securities Inc. advised Tenneco on the transaction, while Barclays Capital Inc., Lazard and PJT Partners LP worked with Apollo Funds.
