Titan International Expands with Strategic Carlstar Acquisition

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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