Tenneco: Strategic Investment by American Industrial Partners
Deal News | Mar 18, 2025 | Ropes & Gray
American Industrial Partners (AIP), a New York-based investment firm managing approximately $17 billion in assets, has entered a definitive agreement to make a strategic investment in Tenneco's Clean Air and Powertrain businesses. This investment is being made alongside Apollo Fund X. Ropes & Gray, a prominent law firm, represented AIP in this transaction, with the team led by private equity partner Todd B. Kornreich, tax partner Tristan Evans-Wilent, and environmental partner Peter Alpert. The transaction was announced on February 24 and is expected to close later in the year after meeting customary closing conditions.
Sectors
- Private Equity
- Automotive
- Legal Services
Geography
- United States – American Industrial Partners is based in New York, and the transaction involves Tenneco, an automotive manufacturer in the U.S.
Industry
- Private Equity – The article discusses the strategic investment by American Industrial Partners, a private equity firm.
- Automotive – Tenneco operates within the automotive industry, specifically in the Clean Air and Powertrain sectors.
- Legal Services – Ropes & Gray provided legal advisory services for the transaction.
Financials
- $17 billion – Assets under management by American Industrial Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| American Industrial Partners | Bidding Company | Company | A private equity firm based in New York with approximately $17 billion in assets under management. |
| Tenneco | Target Company | Company | A leading automotive manufacturer and distributor with operations in Clean Air and Powertrain sectors. |
| Apollo Fund X | Other | Company | A participating investment fund in the transaction. |
| Ropes & Gray | Legal Advisor | Company | A law firm providing legal advisory services for American Industrial Partners in the transaction. |
| Todd B. Kornreich | PE Partner | Person | Private equity partner at Ropes & Gray leading the legal team for the transaction. |
| Tristan Evans-Wilent | Tax Partner | Person | Tax partner at Ropes & Gray involved in the transaction. |
| Peter Alpert | Environmental Partner | Person | Environmental partner at Ropes & Gray involved in the transaction. |