SSVP II

SSVP II

tedrive

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tedrive was an automotive supplier with 80% sales directly and indirectly to Ford for steering systems, halfshafts and differentials. It was acquired from Visteon in a complex carve out transaction and required new management, systems and sales, finance and purchasing personnel. The business performed very well in 2007 and the first half of 2008. It faced illiquidity due to the financial crisis due to excessive restructuring cost from its Ford / Visteon history and the loss of credit insurance combined with historically high supplier payables. Two of its four manufacturing locations and two out of seven legal entities went into insolvency at the end of 2008. During the following two years the business was restructured and sold in three transactions to two strategic and one management team buyer. tedrive was acquired by SSVP II in 2007 and sold to 3 investors in 2010. While the two strategic investors integrated the halfshaft and differential business, the steering business continued to operate under the tedrive name until it was acquired and integrated by Knorr-Bremse in 2016 to continue its operations under Knorr-Bremse Steering Systems.