TMB Industries, a private equity group, has acquired the fuel systems business of BorgWarner Inc. Terms of the transaction were not disclosed. Equity participants include principals of TMB and Chilmark Partners; LaSalle Bank is financing the transaction. This new business is named Fuel Systems LLC.
Based in Grand Rapids MI, Fuel Systems has annual revenues of about $75 million. The company is an independent supplier of fuel tanks and related components for medium- and heavy-duty trucks. The company also manufactures fuel tanks for buses, military vehicles, and construction vehicles.
Frank J Mayer has been appointed president and chief executive officer of Fuel Systems. He has held executive management positions in several companies, including General Electric.
The principals of TMB also own and operate other industrial companies, including Transportation Technologies Industries Inc, a supplier to truck OEMs.
