TI Automotive, the largest supplier of fuel and brake lines in Europe and the Asia-Pacific region, is being pursued by three private equity firms in a sale that could value the US-based auto parts supplier around $1.5 billion.

Bain Capital, Carlyle Group and Pamplona Capital Management are the three private equity firms bidding for TI Automotive, Reuters today reported, citing unidentified people familiar with the matter.

TI Automotive, one of the world's largest suppliers of fluids and vapors control systems in vehicles, has been exploring a sale of the company since early this year but the process has been slowed down by the volatility in the financing markets in recent months, the people told the news agency.

With 18,500 employees at 130 locations in 28 countries, Michigan-based TI Automotive has five major global divisions, Fluid Carrying Systems, Powertrain Components, HVAC Fluid Systems, Pump and Module Systems and Tank Systems.

With its products on two-thirds of the world's vehicles, TI Automotive's major customers are the world's leading auto manufacturers including Toyota Motor Corp, General Motors, Ford Motor, and Volkswagen.