Tenneco Announces Strategic Investment to Accelerate Growth

NORTHVILLE, Mich., Feb. 24, 2025 (GLOBE NEWSWIRE) -- Tenneco, Inc. (“Tenneco”) today announced a strategic investment from Apollo Fund X into the company’s Clean Air and Powertrain businesses – an important step in unlocking growth opportunities and strengthening the company’s long-term position as a leading global automotive supplier. American Industrial Partners, a leading industrial-focused private equity firm with a strong track record in manufacturing and automotive, will invest alongside Apollo Fund X.

Tenneco will continue to operate as one company with no changes to the management team and structure, operational cadence, or strategic priorities. This access to capital will enhance Tenneco’s ability to execute streamlined growth strategies and provide the flexibility to invest in a pipeline of emerging opportunities. The transaction will drive both organic and inorganic growth, positioning the business for top-tier operational performance and enhanced execution.  

Since its acquisition by funds managed by affiliates of Apollo (NYSE: APO) (the “Apollo Funds”) in November 2022, Tenneco has undergone a significant transformation, putting in place a world-class management team, optimizing operations, and investing in advanced manufacturing capabilities. These efforts have resulted in best-in-class business performance, including top-quartile EBITDA margins, and have laid the groundwork for the next phase of growth supported by this investment.

“Over the past two years, we have built an incredible company with a culture rooted in safety, financial performance, and operational excellence,” said Jim Voss, CEO of Tenneco. “With Apollo’s continued support and belief in Tenneco’s long-term potential, this investment enables us to execute more strategically as we deliver on our purpose of being the best partner and world’s best manufacturer and distributor in the transportation industry.”

“This investment marks a critical step in Tenneco’s transformation,” said Michael Reiss and Shahid Bosan, Deal Team Leads at Apollo. “Since acquiring Tenneco, we have seen tremendous progress, with the team delivering exceptional operational and financial results. This move reflects the strong partnership between Apollo and Tenneco’s leadership and reinforces our shared commitment to long-term success in a sector we believe in.”

This transaction is expected to be completed in the second quarter of 2025.

Advisors
Citigroup Inc. and Deutsche Bank Securities Inc. are serving as financial advisors to Tenneco. Barclays Capital Inc, Lazard and PJT Partners LP are serving as financial advisors to Apollo Funds.

About Tenneco
Tenneco is one of the world's leading designers, manufacturers, and marketers of automotive products for original equipment and aftermarket customers. Through our DRiV, Performance Solutions, Clean Air and Powertrain groups, Tenneco is driving advancements in global mobility by delivering technology solutions for light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket. Visit www.tenneco.com to learn more.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About American Industrial Partners
American Industrial Partners (“AIP”) is an industrials investor, with approximately $17 billion in assets under management. AIP is distinctively focused on industrial businesses across end markets that include: aerospace and defense, automotive, building products, capital goods, chemicals, industrial services, industrial technology, logistics, metals & mining, and transportation, among others. AIP looks to generate differentiated returns by investing in quality industrial businesses with strong management teams and working with those teams to implement comprehensive Operating Agendas to build long-term value. Current AIP portfolio companies generate aggregate annual revenues of approximately $26 billion and employ approximately 74,000 employees as of September 30, 2024. www.americanindustrial.com

Tenneco Contacts:
Alexandra Iordache
Vice President, Global Communications
media@tenneco.com

Apollo Contacts:
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

American Industrial Partners Contacts:
American Industrial Partners
pro-AIP@prosek.com