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Classified in: Transportation, Business
Subject: TNM

HDT Automotive to Acquire Veritas AG

- HDT designs, engineers and manufactures advanced thermal management systems in key auto production regions around the world

- Acquisition creates a global leader in fluid handling systems with revenue approaching $1B

- Presents opportunity to expand HDT footprint in the growing hybrid and electric-vehicle market

LIVONIA, Mich., June 23, 2021 /PRNewswire/ -- HDT Automotive Solutions LLC has agreed to acquire Veritas AG, an automotive supplier headquartered in Gelnhausen, Germany, with expertise in elastomers, plastics and metal for fluid, thermal and sealing management systems. The transaction is expected to close at the end of October 2021, subject to several conditions including obtaining all necessary regulatory approvals.

HDT Automotive has agreed to acquire Veritas AG. HDT designs, engineers and manufactures advanced thermal management systems in key auto production regions around the world. The acquisition creates a global leader in fluid handling systems with annual revenue approaching $1B.

While terms of the deal will not be disclosed, the acquisition immediately transforms HDT by doubling its size and creating a global leader in fluid handling systems with revenue approaching $1B. The deal also advances HDT's innovative material science and connection expertise across rubber, plastic and metal fluid carrying devices for diverse automotive uses.

The transaction includes all Veritas operating units globally and increases HDT's vast experience in supporting customers with material science development. The combined entity will also expand HDT's engineering capabilities to provide thermodynamic management systems for the growing hybrid and electric vehicle market.

Veritas AG employs around 4,400 people worldwide at 12 locations in Europe, China and the USMCA region. Customers include global automakers such as Volkswagen Group, BMW Group, Daimler, Ford and General Motors, as well as many top suppliers.

"We are grateful for the commitment of the Veritas team and look forward to starting our work together. Veritas will play an important role in expanding our global business, particularly with thermal management systems required for the growing hybrid and electric-vehicle market," said Patrick Paige, CEO of HDT Automotive. "With an expanded global footprint and the addition of key expertise in elastomers and plastics, HDT is poised for growth as we continue to serve our global customers now and into the future."

HDT Automotive is the result of the merger between Huron and Dynamic Technologies. In 2017, Ardian, a world-leading private investment house, acquired Dynamic Technologies and merged it with Huron, an existing portfolio company controlled by the Ardian North America Direct Buyouts team.

With this latest acquisition, HDT will have 22 global locations including manufacturing facilities and engineering centers across North America, Europe and Asia. The company designs, engineers and manufactures advanced thermal management systems in key auto production regions around the world. Enhanced geographic scale creates opportunities across the combined company's customer base, as well as access to low-cost production countries, including Turkey and Bosnia, and additional capabilities and manufacturing footprint in Mexico, Hungary and China.

About HDT Automotive Solutions

HDT Automotive Solutions is a leading global supplier of automotive tubular components, with a diverse array of products, new materials capabilities, a worldwide manufacturing footprint, and a well-balanced customer base. Headquartered in Michigan, HDT has ten manufacturing facilities across the United States, Canada, Mexico, Italy, United Kingdom, Poland, Hungary and China and serves the North American, European and Asian automotive markets. 

Media contact:
Scott Worden
Lambert & Co

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