Divestiture • Automotive

The Blackstone Group and Stockwell Capital Acquire ZF TRW Automotive Holdings

On February 1, 2003, private equity firms The Blackstone Group and Stockwell Capital acquired automotive company ZF TRW Automotive Holdings for 4.7B USD

Acquisition Context
  • This is The Blackstone Group’s 2nd and Stockwell Capital’s 1st transaction in the Automotive sector.
  • This is The Blackstone Group’s 34th and Stockwell Capital’s 9th largest (disclosed) transaction.
  • This is The Blackstone Group’s 47th and Stockwell Capital’s 2nd transaction in the United States.
  • This is The Blackstone Group’s 2nd and Stockwell Capital’s 1st transaction in Michigan.
Investment Fate
  • ZF TRW Automotive Holdings was divested to a strategic buyer in 2003 for 4.7B USD.
  • ZF TRW Automotive Holdings went public in 2004.
  • ZF TRW Automotive Holdings was sold to a strategic buyer in 2014 for 13.5B USD.

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M&A Deal Summary

Date February 1, 2003
Target ZF TRW Automotive Holdings
Sector Automotive
Buyer(s) The Blackstone Group
Stockwell Capital
Deal Type Divestiture
Deal Value 4.7B USD

Target Company

ZF TRW Automotive Holdings

Livonia, Michigan, United States
ZF TRW Automotive is a supplier of automotive systems, modules and components. The company focuses on safety-related products and its business lines are braking and steering, occupant safety systems, and engine valves, fasteners, and body control systems. ZF TRW Automotive is based in Livonia, Michigan.
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Buyers Overview 2

Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 394.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York, New York.


Deal Context for Buyer #
Overall 61 of 365
Sector: Automotive 2 of 4
Type: Divestiture 2 of 35
State: Michigan 2 of 4
Country: United States 47 of 231
Year: 2003 1 of 6
Size (of disclosed) 34 of 185
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-31 HMH

Boston, Massachusetts, United States

HMH is a learning technology company committed to delivering connected solutions that engage learners, empower educators and improve student outcomes. As a provider of K–12 core curriculum, supplemental and intervention solutions, and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and four million educators in 150 countries. HMH was founded in 1832 and is based in Boston, Massachusetts.

Buy $1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Kabelnetz NRWm

Germany

Kabelnetz NRW operated a cable television network in Germany.

Buy $16M
Buyer

Stockwell Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


Deal Context for Buyer #
Overall 2 of 44
Sector: Automotive 1 of 3
Type: Divestiture 1 of 3
State: Michigan 1 of 4
Country: United States 2 of 35
Year: 2003 2 of 4
Size (of disclosed) 9 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-01-01 EXCO

Dallas, Texas, United States

EXCO is an oil and natural gas company engaged in the exploitation, exploration, acquisition, development and production of onshore U.S. oil and natural gas properties with a focus on shale resource plays. EXCO based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-15 Advanced Accessory Systems

Sterling Heights, Michigan, United States

Advanced Accessory Systems, is a global supplier of roof rack systems, towing systems and related lifestyle accessories to the automotive OEM and aftermarket.

Buy $260M