German automotive supplier Webasto is divesting its EV charging business in order to strategically focus on its core business areas.

Los Angeles-based Transom Capital Group will acquire a majority stake in Webasto’s charging solutions business. Webasto will remain a minority shareholder in the division.

Webasto’s sites in Planegg, Germany, Monrovia, US and Guanajuato, Mexico, will be retained by the charging business after the sale.

Webasto has invested heavily in electromobility in recent years, and has launched several new products, including battery systems, wallbox EV chargers and a towable charging station for electric airport ground equipment.

“I am pleased that we have gained a partner that will continue the success story of our charging solutions business while continuing to offer development opportunities to the many highly qualified colleagues who are part of the business,” said Webasto Chief Technology Officer Marcel Bartling. “At the same time, this move allows Webasto to concentrate on its core business areas.”

“It is a rare opportunity that we can invest in a business of significant scale, in an underlying market that is on a historic hockey stick growth curve,” said Russ Roenick, Managing Partner at Transom Capital Group. “Charging is at the forefront of the global transition toward electric vehicles and we are super excited to partner with Webasto to continue to grow the Charging solutions business.”

Source: Webasto