Titan International, Inc. acquired The Carlstar Group LLC from AIP, LLC and American Industrial Partners V, L.P for approximately $300 million.
February 28, 2024
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Titan International, Inc. (NYSE:TWI) acquired The Carlstar Group LLC from AIP, LLC and American Industrial Partners V, L.P. for approximately $300 million on February 29, 2024. The Purchase Agreement was unanimously approved by the Company?s Board of Directors. The purchase price was approximately $296 million and consisted of $127 million of cash and $169 million of TWI equity. In order to fund the cash portion of the transaction, Titan entered into a new domestic credit facility, effective February 29, 2024. Carlstar generated revenue of about $615 million in 2023. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Titan and Bodman PLC acted as legal advisor to Titan. UBS investment bank acted as exclusive financial advisor to Carlstar while Sidley Austin LLP and Baker Botts LLP acted as legal advisors. Fredrikson & Byron, P.A, Ropes & Gray LLP acted as a legal advisor to AIP, LLC. One representative from AIP CF V will join Titan Board of Directors effective as of closing.
Titan International, Inc. (NYSE:TWI) completed the acquisition of The Carlstar Group LLC from AIP, LLC and American Industrial Partners V, L.P. on February 29, 2024.
Titan International, Inc. is a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. The Company's segments include agricultural, earthmoving/construction and consumer. Its agricultural wheels, tires, and components are manufactured for use on various agricultural equipment. The earthmoving/construction segment manufactures wheels, tires, and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military, construction, and forestry equipment, including skid steers and aerial lifts. The consumer segment manufactures bias truck tires in Latin America and light truck tires in Russia. The Company also offers select products for ATVs, side-by-sides, rock climbers, turf, and lawn and garden. This segment also includes custom rubber stock mixing sales to a variety of OEMs in tangential industries. It manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire and Voltyre-Prom Tire brands.
TITAN INTERNATIONAL, INC. 
