Pioneer Corporation has been sold to CarUX, a Taiwanese based maker of OEM smart cockpit solutions, for approximately $1.1 billion.
Pioneer has been owned since 2019 by BPEA Private Equity Fund VI and BPEA Private Equity Fund VII (“EQT”). EQT said it bolstered Pioneer’s financial strength during that time with improved profit margins and cash flow and has positioned Pioneer for long-term growth.
Also during that time, “Pioneer returned to its roots and core competencies in automotive sound, launching its new amp technology platform and securing large projects from domestic and overseas clients,” said EQT.
As for new buyer CarUX, it is a subsidiary of panel supplier, Innolux. CarUX’s website is “under construction” but its Linkedin profile says, “With more autonomous driving capabilities, new applications will come into the car. Applications to assist you in activities such as in-car entertainment, shopping or working. These applications have one thing in common: the need for a connected car with a large, organic shaped and beautiful screen. THAT is what CarUX will offer to you.”
CarUX won a CES Innovation Award this year in partnership with Corning for a display that is hidden when turned off.
An EQT press release said, “The automotive industry is undergoing a profound digital transformation, with digital content in vehicles rising from 27% to 40% and software playing an increasingly central role in cars. Under EQT’s ownership, Pioneer has embarked on a transformative journey—embracing innovation to lead in this new, software-defined era of mobility. This innovation has created substantial value across the board, benefiting customers, employees, and shareholders alike,” according to Sanjay Dhawan, Chairperson of the Board and independent director of Pioneer.
“We are proud to have helped revitalize one of Japan’s most iconic brands and reposition it for long-term success. This milestone marks an exciting new chapter for Pioneer, and we believe that there are synergies with CarUX and its parent company, Innolux, that will greatly benefit the business and its future potential,” said Shane Predeek, Partner within EQT Private Capital.
EQT added, “At EQT we are committed to being responsible stewards of our companies – ensuring they are handed over to owners who can continue the momentum we’ve built and support their next phase of growth. This transaction also reflects EQT’s growing momentum in Japan, where we continue to execute on our strategy of building stronger, more resilient businesses with global ambition.”
The transaction is expected to be completed in Q4 2025.
“Applications to assist you in activities such as in-car entertainment, shopping or working.”
Great! Just what we need more of… distracted driving.
I’ll be retired soon, the aftermarket industry is getting to be no fun. Too many accountants involved.
Sold back in 2019 and then again now. Hmmm… I guess with the way autos are going maybe Pioneer will turn itself into just an app since screens are so fitted to the car with little room for replacement if even possible. Makes me glad that I have other income sources not just car audio.
He’s dead, Jim.