Titan International (TWI) has issued an announcement.
On February 29, 2024, Titan International, Inc. acquired all equity interests of The Carlstar Group, LLC for $296.2 million, a mix of cash and Titan’s common stock, with provisions for customary adjustments. This strategic move, which was approved by Titan’s Board, resulted in the sellers owning about 16.4% of Titan’s issued and outstanding common stock. Additionally, the company entered into a credit agreement for a $225 million revolving credit facility to enhance financial flexibility. The transaction also led to the appointment of Kim Marvin, a Senior Managing Member at AIP, to Titan’s Board and the establishment of a Stockholders Agreement putting forth terms like a standstill period, lockup period, and registration obligations for the newly issued shares.
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