TPI Composites announced that it has signed a definitive agreement to sell its automotive business to Clear Creek Investments, LLC (CCI), an innovation and sustainability focused investor focused on deploying capital in companies advancing climate solutions and climate resilience across the energy, water and food value chains.
As part of the sale transaction, TPI will sell its automotive subsidiary to CCI, which will be renamed Senvias™ Inc. The transaction is expected to close on June 30, 2024.
“After a thorough review of strategic options, we are pleased to enter into this agreement with CCI.” said Bill Siwek, president and CEO of TPI Composites.The sale is expected to improve monthly cash flow by approximately $1.7 million over the remainder of 2024, underscoring the company's focus on continuing its core business, achieving profitability, improving cash flow and enhancing long-term shareholder value.. “
“We are proud of the progress our Automotive team has made in growing this business and developing innovative solutions for the transportation market and are confident that CCI will provide new capital and focus to enable us to grow our Automotive business and serve customers in the electric vehicle market.” added Siwek.
“CCI's goal is to identify and support innovative businesses that drive climate solutions and build climate resilience, and Senvias™ is an excellent fit for that,” said Todd Crescenzo, CFA, Managing Partner and Chief Investment Officer at CCI. “We appreciate TPI's leadership in the composite vehicle construction space for more than 50 years and look forward to applying our unique combination of investment and operational expertise to propel Senvias™ and the automotive industry into a greener, more sustainable future.”. “
