THRM Gentherm Inc
Price Chart
Executive Summary
Gentherm presented an updated investor presentation at the 2026 Baird Global Consumer, Technology & Services Conference, reiterating the strategic rationale for the pending business combination with Modine's Performance Technologies business (SpinCo). The filing includes pro forma financials showing a combined entity with $2.6B in revenue and ~$322M in Adjusted EBITDA post-synergies, with $25M in near-term cost synergies and $100M+ in commercial opportunities targeted. The deal structure remains 60% Modine / 40% Gentherm ownership, with closing expected by end of 2026. No changes to deal terms or new material developments were disclosed.
Actionable Insight
No new deal terms or material developments were disclosed. Monitor for the filing of the S-4 registration statement and definitive proxy—which will contain critical details on valuation and vote mechanics. The deal remains on track for 2026 close with no disclosed regulatory or shareholder opposition.
Key Facts
- Gentherm presented its proposed combination with Modine Performance Technologies at the Baird conference on June 3, 2026.
- Combined entity LTM Sep 2025 revenue of $2.6B, pro forma Adj. EBITDA margin of 13% post-synergies.
- Near-term cost synergies estimated at ~$25M, commercial opportunities targeted at $100M+.
- Ownership split: 60% Modine shareholders / 40% Gentherm shareholders, subject to adjustment.
- Transaction expected to close by end of 2026.
- Gentherm standalone 2025 revenue of $1.5B with 11.7% Adj. EBITDA margin; management guiding for ~6%+ revenue CAGR through 2027.
Financial Impact
Combined entity with LTM Sep 2025 revenue of $2.6B and pro forma post-synergy Adj. EBITDA of ~$322M representing a ~13% margin.
Risk Factors
- Transaction execution risk—integration of two businesses with different end-market exposures.
- Failure to realize synergies or commercial cross-selling targets ($100M+).
- Shareholder vote approval not guaranteed; Gentherm gets 40% minority stake in combined entity.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001193125-26-255763 |
| Document: 0001193125-26-255763-index-headers.html | 0001193125-26-255763 |
| Document: 0001193125-26-255763-index.html | 0001193125-26-255763 |
| Document: 0001193125-26-255763.txt | 0001193125-26-255763 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
11d ago
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425
| $37.93 $36.25 | ▼ −4.43% | ▼ −1.83% | $36.36 (−4.14%) |
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May 19, 2026
26d ago
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425
| $31.20 $31.83 | ▲ +2.02% | ▲ +1.82% | $36.36 (+16.54%) |
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Apr 23, 2026
7w ago
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425
| $30.46 $29.82 | ▼ −2.10% | ▼ −2.27% | $36.36 (+19.37%) |
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Apr 23, 2026
7w ago
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8-K
| $29.61 $30.46 | ▲ +2.87% | ▲ +2.09% | $36.36 (+22.80%) |
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Apr 23, 2026
7w ago
|
Press Release
| $29.61 $30.46 | ▼ −2.87% | ▼ −2.09% | $36.36 (−22.80%) |
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Apr 10, 2026
9w ago
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DEFA14A
| $29.42 $29.34 | ▼ −0.27% | ▼ −1.48% | $36.36 (+23.59%) |
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Apr 9, 2026
9w ago
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Press Release
| $29.35 $29.30 | ▲ +0.17% | ▲ +0.11% | $36.36 (−23.88%) |
US Market Status
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