Investors are pouring big money into the electric vehicle charging sector, as seen with today’s move by private equity firm Transom Capital Group to acquire Webasto Charging Solutions Inc.—a California provider of electric vehicle and industrial charging products and services—from its parent company, the automotive parts supplier Webasto Group.
Transom is acquiring a majority stake in the business and Webasto will remain a minority shareholder. As part of the deal, Webasto Charging Solutions will change its company name to “Ampure,” but will retain its goal of “accelerating the transition to electromobility by defining the landscape of innovative and reliable charging for electric and industrial vehicles,” Transom said. Terms of the deal were not disclosed.
According to Los Angeles-based Transom, Ampure’s solutions have become the charger of choice over the past decade for many major vehicle original equipment manufacturers (OEM), charge point operators (CPO), airports, and plant operators.
“Charging is at the forefront of the global transition toward electric vehicles, and Ampure presented a rare opportunity to invest in a business of significant scale and with a robust portfolio of safe and reliable chargers,” Russ Roenick, co-founder and managing partner at Transom Capital Group, said in a release. “We’re super excited to partner with Ampure to continue delivering best-in-class solutions and playing a critical role during the automotive industry’s historic EV evolution.