Texas-based investment firm Ara Partners has acquired magnetic materials manufacturer Vacuumschmelze (VAC) from asset management firm Apollo. No transaction terms were disclosed.

Germany-based VAC is the largest Western manufacturer of sintered NdFeB EV-grade permanent magnets, and has manufacturing facilities in Slovakia, Finland, China and Malaysia. VAC signed a long-term deal with GM in January 2023 to develop a North American factory to produce permanent magnets for GM EVs, utilizing locally produced raw materials.

“We believe the demand for VAC’s differentiated, customized products will continue to grow rapidly as companies around the world decarbonize their industrial processes and the electrification of mobility advances,” said Tuan Tran, Partner at Ara Partners.

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Source: Ara Partners