NORTHVILLE, Mich., April 30, 2025 (GLOBE NEWSWIRE) -- Tenneco LLC (“Tenneco”) today completed the previously announced strategic investment into its Clean Air and Powertrain businesses from Apollo Fund X, with American Industrial Partners (AIP) investing alongside. This marks a significant milestone in Tenneco’s continued transformation and positions the company for its next chapter of growth as a leading global supplier in the mobility sector.
Tenneco will continue to operate as one unified company, with no changes to the management team or strategic direction. The transaction provides enhanced access to capital that will fuel targeted growth strategies, support innovation, and unlock new opportunities across key global markets.
“With this investment now complete, Tenneco is fully equipped to accelerate growth across our global operations,” said Jim Voss, CEO of Tenneco. “Over the past two years, we’ve built a high-performing company with a culture rooted in safety, financial discipline, and operational excellence. With the continued support of Apollo, we are well-positioned to move faster, invest smarter, and execute on our purpose—delivering on our goal to be the most trusted partner and the world’s best manufacturer and distributor in the transportation industry.”
Since being acquired by funds managed by affiliates of Apollo (NYSE: APO) (the “Apollo Funds”) in late 2022, Tenneco has delivered top-quartile financial and operational performance, streamlined its organizational model, and invested in advanced capabilities across its operations. The new investment further strengthens Tenneco’s ability to drive both organic and inorganic growth while remaining laser-focused on its core strategic priorities.
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 the 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
