(Bloomberg) -- Brembo NV bought Swedish suspension manufacturer Ohlins Racing AB for €370 million ($405 million), marking the Italian company’s biggest-ever acquisition.
The brake specialist agreed to buy Ohlins from Tenneco, which is owned by Apollo Global Management Inc., according to a statement Friday.
Executive Chairman Matteo Tiraboschi called Ohlins a “strong fit for Brembo,” citing its brand recognition and reputation.
Last week Brembo, which builds brake systems for Ferrari NV and Porsche Automobil Holding SE, sold its minority stake in tiremaker Pirelli & C. SpA, ending speculation that the two firms could eventually merge.
The Ohlins deal is the latest step in Brembo’s recent push to expand in motorcycle and motor racing. In 2021 it bought Denmark’s SBS Friction and Spain’s J.Juan. The Bergamo, Italy-based company already controls Marchesini, a leader in light alloy wheels.
Founded in 1976, Ohlins Racing employs around 500 people across two plants in Sweden and Thailand. It makes products like shock absorbers, front forks and software. Ohlins is also a supplier for Formula 1 and NASCAR.
Ohlins Racing plans to report full-year sales of around $144 million, with an expected adjusted Ebitda margin between 21% and 22%, according to the statement. The deal’s regulatory approval is expected early next year.
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