Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERG ER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  06.07.2020 
C(2020)  4669 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9869 – EQT Fund Management/TowerBrook Capital 
Partners/ACPS Automotive   
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 12 June 2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings EQT Mid Market Credit and EQT Mid Market Credit II (“EQT Acquirer 
Funds”), controlled by EQT Fund Management S.à r.l. (“EFMS”, Luxembourg)  and 
TowerBrook Capital Partners, L.P. (“TowerBrook”, USA ) acquire within the meaning 
of Article 3(1)(b) and 3(4) of the Merge r Regulation joint control over the whole of 
the undertaking Hitched Holdings 1 B.V. (“ACPS”, the Netherlands ) by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− The EQT Acquirer Funds seek to provide flexible, long -term debt capital 
solutions to medium -sized European businesses, across a wide range of sectors. 
One of EQT ’s portfolio companies is kfzteile24, an online retailer of auto parts 
and accessories in the IAM channel, princip ally operating in Germany,  
− TowerBroo k is an investment management firm. It is based in Europe and the 
USA and focuses on making investments in large and middle market European 
and North American companies , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 208 , 22.06.2020,  p. 2. 

2 − ACPS is a global manufacturer and supplier of automotive equipment and 
accessories. In  particular, ACPS specialises in the manufacturing and sale of tow 
bars and trailer hitches as well as load carrying system . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .