Delphi Automotive announced today that it has entered into exclusive negotiations and has made a binding offer to acquire FCI Group’s (“FCI”) Motorized Vehicles Division (“MVL”), a manufacturer of automotive connection systems and a portfolio company of Bain Capital. The transaction is valued at €765 million on a cash and debt-free basis (approximately $972 million at current exchange rates) and is expected to close by year-end 2012.
MVL, which will become part of Delphi’s Electrical/Electronic Architecture segment, is a provider of interconnection systems for a range of applications in the safety restraint systems, powertrain and electrical vehicles markets. MVL had revenue of €692 million in the year ended December 31, 2011.
FCI is a manufacturer of connectors for use in electronic, micro-connector, electrical, and automotive applications. The company was acquired by Bain in 2005. FCI is based in Guyancourt, France (www.fci.com).
Bain Capital manages several pools of capital, including private equity, venture capital, and public equity and leveraged debt assets. The firm has more than $66 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in more than 300 companies in a variety of industries around the world. The firm has offices in Boston, New York, Chicago, London, Munich, Tokyo, Shanghai, Hong Kong and Mumbai, with over 800 employees worldwide (www.baincapital.com).
