We are advising Veoneer and SSW Partners on the sale

Davis Polk is advising Veoneer and SSW Partners LP on the sale of Veoneer’s Restraint Control Systems business to American Industrial Partners Capital Fund VII, an investment fund managed by American Industrial Partners (AIP). Financial terms of the transaction were not disclosed. The transaction completes Veoneer’s and SSW’s strategy of finding the right long-term homes for Veoneer’s three original lines of business: Restraint Control Systems, to be acquired by AIP Fund VII, Arriver Software, now owned by Qualcomm, and Active Safety, now owned by Magna International.

Founded in 2018 and spun off from Autoliv’s electronics and automated driving divisions, Veoneer is a provider of automotive technology based in Stockholm, Sweden. Veoneer designs, develops and manufactures state-of-the-art software, hardware and systems for occupant protection, advanced driving assistance systems and collaborative and automated driving for original equipment manufacturers globally. Veoneer was acquired by SSW Partners in April 2022.

SSW Partners invests in high-quality businesses and collaborates with partners to create enduring value for all stakeholders.

Founded in 1988 and headquartered in New York, New York, AIP is an operationally oriented middle-market private equity firm that is distinctively focused on buying and improving industrial businesses with operations in the United States, Canada and other developed markets. AIP has deep roots in the industrial economy and currently manages over $16 billion on behalf of its limited partners. Current AIP portfolio companies generate aggregate annual revenues in excess of $28 billion and employ over 70,000 employees as of September 30, 2023.

The Davis Polk corporate team includes partners William H. Aaronson and Darren M. Schweiger and associates Malik M. Khalil, Steven Jaffe and Andrew R. Board. Partner William A. Curran and associate Dov Sussman are providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Jennifer S. Conway and counsel Daniel P. Herrmann are providing executive compensation advice. Partner Robert F. Smith is providing sponsor finance advice. All members of the Davis Polk team are based in the New York office.