Wendel, one of Europe’s leading listed investment firms, has decided to exit Nippon Oil Pump Co, Japan’s market leader for internal gear pumps, by selling all its share capital to CITIC Capital Japan Partners III for about €85 million ($97 million).
In a statement, Wendel said, the enterprise value is equivalent to approximately 11 times the adjusted EBITDA and €13 million ($14.8 million) above Nippon Oil’s valuation.
The European firm expects the transaction to close in the fourth quarter of 2018.
Founded 97 years ago, Nippon Oil Pump leads the Japanese market for the design, development, and manufacture of trochoid pumps, water pumps, and hydraulic motors and has worldwide leadership positions in the trochoid pump segment.
Its products are used principally to circulate oil in machine tools, for the purposes of lubrication and cooling.
Wendel’s investment in Nippon Oil Pump is its first direct investment in Japan since opening an office there in 2008. Although small, the size of this investment corresponds to Wendel’s strategy in Japan: build a reputation over time as a long-term investor with a three-century industrial heritage.
Under Wendel ownership, the Nippon Oil Pump reported revenues increased from ¥4.8 billion ($43.4 million) in 2013 to ¥6.1 billion ($54 million) in 2017.
“Nippon Oil Pump’s management team has done a terrific job over the past several years expanding the company’s capabilities in Japan and overseas, and building a solid foundation for long-term growth… Today’s announcement is in line with our strategic commitment to simplify Wendel’s portfolio, provided terms are attractive, and focus on larger equity investments based in Europe, North America and Africa,” André François-Poncet, Wendel Group CEO, said.
The post Wendel exits Nippon Oil Pump by selling shares to CITIC Capital for $97m appeared first on DealStreetAsia.
کد مطلب: 8807
تاریخ و زمان انتشار: 15 آبان 1397, 13:07
پیوند کوتاه نوشتار: نوشتار های پیشین نویسنده: