Tenneco Announces Strategic Investment to Accelerate Growth

Core Insights - Tenneco, Inc. announced a strategic investment from Apollo Fund X to enhance its Clean Air and Powertrain businesses, aiming to unlock growth opportunities and strengthen its position as a leading global automotive supplier [1][2] - The investment will allow Tenneco to execute streamlined growth strategies and invest in emerging opportunities, driving both organic and inorganic growth [2][3] - Since Apollo's acquisition in November 2022, Tenneco has transformed its operations, achieving top-quartile EBITDA margins and setting the stage for future growth [3][4] Company Operations - Tenneco will maintain its current management team and operational structure, ensuring continuity in its strategic priorities [2] - The company has focused on building a culture centered on safety, financial performance, and operational excellence, which has contributed to its recent success [4] Investment Details - The transaction is expected to be completed in the second quarter of 2025, reflecting a strong partnership between Apollo and Tenneco's leadership [4] - American Industrial Partners will also invest alongside Apollo Fund X, indicating a collaborative approach to enhancing Tenneco's capabilities [1][8] Financial Advisors - Citigroup Inc. and Deutsche Bank Securities Inc. are serving as financial advisors to Tenneco, while Barclays Capital Inc., Lazard, and PJT Partners LP are advising Apollo Funds [5]