H.I.G. Capital Sells German Car Parts Maker

Target: Anvis

Price: €132 million ($177.91 million)

Sponsor: H.I.G. Capital

Buyer: Tokai Rubber

Advisers: Lazard (seller); BNP Paribas (buyer)

The companies confirmed the deal in a joint statement on Tuesday without disclosing the price.

In late 2012, a Chinese group approached private equity group H.I.G. and the group started a sales process in which Tokai Rubber – Anvis’ joint venture partner in Mexico – quickly emerged as the favoured bidder.

Anvis, which makes anti-vibration products for customers such as Volkswagen, Daimler, BMW and PSA, has annual sales of roughly €300 million and an EBITDA margin of 6-8 percent.

Lazard organised the sale for H.I.G., while BNP Paribas advised Tokai Rubber. The source familiar with the deal said H.I.G. had made a substantial profit on the sale after buying Anvis in 2010.

Japanese and Chinese firms were active buyers in Germany last year, keen to gain access to the technology, brands and worldwide distribution networks of German companies.

Among the deals struck in 2012 were Sany’s acquisition of machinery group Putzmeister and Shandong Heavy’s investment in fork lift truck maker Kion Group.

Reporting by Arno Schuetze, a Frankfurt-based correspondent for Thomson Reuters