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Pamplona Capital Management, a London-headquartered private equity and hedge fund firm, has bought TMD Friction, a manufacturer of brake friction materials for automotive and commercial vehicle applications, out of administration.

TMD Friction operates from locations across Europe, the US, Brazil, Mexico, China and Japan, and generated a turnover of €639 million (£581.5 million) in 2008.

Martin Schwab, partner of Pamplona Capital Management, said: “TMD Friction is an exceptional business and we are delighted to be part of the long-term future of the group. TMD is a global leader in the automotive sector and has good defensive qualities given that a large part of the business is focused on the replacement parts market, which is less affected right now by the current economic climate.

“We are backing a great management team led by Derek Whitworth and are pleased to be able to maintain the independence of a technology leader in its field,” Schwab added.

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