Sectors
Foley & Lardner LLP advised LEO III Fund, managed by DUBAG Group, in its acquisition of JTEKT Corporation’s automotive steering business for European OEMs.
The acquired business develops and manufactures steering systems and steering components for European OEMs. The transaction includes seven companies across France, Belgium, the Czech Republic, Morocco, the United States, and China, with approximately 2,300 employees and consolidated revenue of approximately €800 million.
The acquisition was completed as part of JTEKT’s ongoing global restructuring and optimization of its European business portfolio. Under LEO III Fund’s ownership, the business will operate under the independent brands Acurion for steering systems and Axentra for Torsen systems.
DUBAG Group is a fast-growing investment company headquartered in Munich which manages the private equity fund LEO III. The fund invests in mid-sized companies in special situations, including corporate carve-outs, turnarounds, succession situations in family-owned businesses, complex financing structures, and tail-end situations for financial investors.
Foley’s transactions team was led by partner Christopher Cain with support from associate Sean Aguirre. Partner Christopher Swift, co-chair of the firm’s International & National Security Team, advised on CFIUS matters, and associate Molly Hayssen provided guidance on intellectual property matters.
