The pump business of Bosch Automotive Steering comprises the development, production and distribution of steering pumps for passenger cars and commercial vehicles as well as transmission pumps. Development and sales are based predominantly in Schwäbisch Gmünd and Berlin, with production in Berlin and Nanjing, China. In addition, the division includes further sales and service locations with administrative functions in Brazil and the USA. The business unit encompasses around 900 employees worldwide, of which approximately 600 are based in Germany. Fidelium intends to retain all employees and the existing sites in the new organization. The continuation of the two German sites will be guaranteed for a three-year period.
“The steering and transmission pump business has great potential and good growth opportunities,” says Dominik Beck, Managing Partner of Fidelium. “Fidelium has already had positive experiences with acquisitions in the automotive supplier sector. With our operational expertise we will provide support to the existing management team and associates on their road to a successful future.”
Rolf Herkommer, head of the pump business, explains: “With Fidelium we have found a dependable new owner. The foundation for cooperation based on trust has been laid. Together we now want to promote the sustainable development of our business, which also includes in particular the continued development of the product portfolio.”
Hanns-Bernd Ketteler, board member of Bosch Automotive Steering, adds: “Fidelium presented a convincing, sustainable acquisition plan during negotiations. In the new configuration we see the opportunity for the pump business to respond more precisely to the needs of the market. We are therefore providing the pump business with greater opportunities for action and a better economic outlook.”
About Fidelium Partners
Fidelium is an internationally oriented private equity firm backed by a number of German business families. Long-term assets of EUR 103 million are available for acquisitions, follow-on investments, and add-ons. Unlike most financial sponsors, we invest in companies that are currently facing significant operational challenges. Growth and stable cash flows are our goal, but rarely in place already. Our objective is to improve the business and secure its long-term growth. Hereby, we focus on the acquisition and development of companies with significant value-creation potential, that can benefit from our operational engagement.
About Bosch Automotive Steering
In the summer of 2019, Bosch Automotive Steering announced plans to restructure the pump business and search for a buyer. The goal was to improve the business unit's economic potential and return it to sustainable profitability.
With this step, the company of approximately 13,000 associates, of which 5,700 are in Germany, plans to focus on the development and production of electric steering systems. This is the key technology for highly automated, electric driving. This is how Bosch Automotive Steering intends to ensure its leading market position in the future as well.