LISI Automotive, a subsidiary of LISI Group, agreed to acquire 51% of the share capital of Termax, a U.S. manufacturer of metal and plastic fastening systems for automotive interiors.

LISI Group said Termax “has grown significantly since inception in 1971 and continues to show good momentum.”

Termax operates a 120,000 sq ft production and development facility in Lake Zurich, IL, along with a 39,600 sq ft facility in Suzhou (China) and a distribution platform in Queretaro (Mexico). The company employs over 400 people and generated revenues of around $74 million in 2016.

“With Termax LLC, LISI Automotive is strengthening its world leadership in clip-fastening solution,” stated François Liotard, managing director of LISI Automotive.

“We will be present not only in Europe and Asia, but from now on also in North America. There are numerous synergy opportunities between our two companies, from a technical as well as from a sales standpoint. These will allow us to bring to a wider customer base the best development and production capabilities to offer innovative solutions in the areas of weight reduction, electrification and autonomous vehicle equipment.”

The transaction is a two-step structured acquisition: the initial step involves the sale by Termax shareholders of 51% of the share capital to LISI Automotive. Upon closing, Termax will be consolidated within LISI Group. As a second step, by fiscal year 2021, the current shareholders have committed to selling their remaining shares to LISI Automotive.

France-based LISI Group manufactures fasteners and assembly components for the aerospace, automotive and medical implants industries. The company generated revenues of $1.86 billion in 2016 and employs 11,600 people. Web: lisi-group.com