3i sells Hyva to Unitas Capital
3i, an international investor in private equity, infrastructure and debt management, funds managed by 3i, and the Hyva management team have signed an agreement to sell Hyva Holdings (“Hyva”), the market leader in hydraulic cylinders, to a consortium led by Unitas Capital (“Unitas”), a leading Asia-based investor in industrial and consumer-oriented businesses, for an enterprise value of EUR 525 million.
The deal is expected to complete in the first half of 2011 and is subject to approval by the relevant competition authorities.
Headquartered in Alphen aan de Rijn, the Netherlands, Hyva is the market leader in hydraulic cylinders and hydraulic tipping solutions for application in heavy-duty transportation equipment used in industries such as global infrastructure, mining and environmental services. The company has leading positions in products such as tippers, truck-mounted cranes, compactors and refuse collection bodies for the emerging markets waste management industries.
Hyva is expected to generate annual revenues of approximately EUR 490 million in 2010 and employs approximately 1750 staff in 35 subsidiaries across 32 countries worldwide.
Founded in 1979, Hyva has developed through international expansion from a Dutch business into a global business that today derives more than 70% of sales from emerging economies such as China, India and Brazil. The company has exhibited strong growth rates since its foundation. It achieved 20% sales CAGR between 2001 and 2008.
During 3i’s investment period, the company has significantly increased its investment in emerging markets which have grown from 23% to 73% of total sales. Hyva’s strong operating performance and managerial achievements were rewarded in 2010 with the “Best Managed Company 2010” award in the Netherlands.
Louwrens Dijkstra, CEO of Hyva, commented:
“I would like to thank 3i for their continuous support for our successful entrepreneurial and global growth in transforming a European Dutch based business into a truly global player with a market leading position in all the countries in which we operate. At the same time, we are excited by our new partnership with Unitas and I am confident that under the ownership of the Unitas consortium, we will continue our strategy of organic growth together with focused bolt-on acquisitions to widen and enhance the solutions that we offer to our more then 25000 customers around the globe.”
Menno Antal, 3i Partner, commented:
“Under 3i’s ownership Hyva has grown 3-fold in terms of turnover and EBITDA. Through its international network, 3i has been able to help the company further its global ambitions and build its manufacturing, R&D and sales/service infrastructure in Europe, Asia and the Americas. Furthermore, we have supported the business through the acquisition of Amco Veba in Italy and the development of new product lines.
We are hugely grateful for the work that the senior management team, and in particular CEO Louwrens Dijkstra, have performed over the course of the years. We are proud to have been part of Hyva's success story and are confident that Hyva and its management will continue to prosper. With the Unitas consortium as new owners, Hyva has a new partner with strong Asian ties that will assist the company in further growth. "
John Lewis, Partner and CIO at Unitas commented:
“We're very excited to embark on this partnership with Hyva's management. Hyva is a great, entrepreneurial business with market leading positions in three of the four BRIC economies. We believe Hyva’s strong brand, distribution network, and dynamic management team will provide new opportunities for expansion in the infrastructure, mining and environmental sectors. Unitas has a successful track record of helping global industrial businesses grow in emerging markets, and we look forward to supporting Hyva with its continued expansion.”
Credit Suisse acted as exclusive financial advisor to 3i and Hyva in this transaction, while Allen & Overy acted as legal advisor.
Bank of America Merrill Lynch, Goldman Sachs, Nomura and Standard Chartered were financial advisors to Unitas. Bank of America Merrill Lynch was the lead M&A advisor. Weil, Gotshal & Manges acted as legal advisor.
For further information, contact:
Kathryn van der Kroft
Tel: +44 20 7975 3021
Susannah Geary, Kreab Gavin Anderson
Tel: +852 2218 9919
Tel: +31 (0)172 423555
Notes to editors
3i is an international investor focused on Private Equity, Infrastructure and Debt Management, investing in Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, shareholders and fund investors.
About Unitas Capital
Unitas Capital is one of the most experienced dedicated regional private equity firms in Asia, with US$4 billion in capital commitments under management. Founded in 1999, the firm has deep rooted local connections throughout the region, including Australia, Greater China, Korea, and Singapore. Specializing in the consumer & retail and industrial manufacturing & services sectors, Unitas Capital has led some of the largest and most successful leveraged buyouts in Asia, including Mando Corporation, Haitai Confectionery and Buy The Way in Korea, Yellow Pages in Singapore, and Waco and Repco in Australia.
About Hyva Group
Hyva Group is a leading global provider of innovative and highly efficient transport solutions for the commercial vehicle and environmental service industries. The company is committed to the development, production, marketing and distribution of components used in hydraulic loading and unloading systems on trucks and trailers. Its products are used worldwide across a range of sectors including transport, construction, mining, materials handling and environmental services providers.
Hyva produces the strongest front end hydraulic telescopic cylinder in the world, double acting cylinders, mobile and static compactors and waste collection units. Hyva’s portfolio comprises: Hydraulics (cylinders and tipping gear), Container Handling Systems (hook and skip loaders), Floors (horizontal unloading/loading floors) and Cranes (fixed and rolling). These products are designed and marketed under several well respected brands: Hyva, Kennis, F.lli Ferrari and AmcoVeba. Hyva is also a distributor of high value components.
Founded in 1979, the company is headquartered in Alphen aan den Rijn in The Netherlands and has significant manufacturing facilities in Brazil, China, Germany, India, Italy and The Netherlands. Operating in more than 130 countries the company has more than 1,600 employees around the world, encompassing 35 subsidiaries and 11 production facilities. Hyva has more than 25,000 customers.
For further information, visit www.hyva.com