Sun European Partners, LLP (“Sun European Partners”) today announces that an affiliate has acquired Flexitech Holding SAS (“Flexitech”), the leading global designer and supplier of hydraulic brake hoses to the automotive industry. The business was acquired from Mitsubishi Corporation for an undisclosed value. William Blair and BDA advised Sun European Partners on the transaction.
Established in France in 1960, Flexitech has over 50 years of operations experience and currently employs over 1,200 highly skilled full-time employees. Flexitech operates its own facilities in France, Romania, the United States, Mexico and Brazil, and supports its customers through local partners in China and India.
Flexitech supplies a range of high quality brake hose products and provides extensive product design, engineering and testing services to leading international automotive original equipment manufacturers (“OEMs”) including BMW, Daimler, Fiat-Chrysler, Ford, General Motors, JLR, Peugeot Citroën, Renault-Nissan and Volkswagen.
Lionel de Posson, Principal at Sun European Partners, said: “Flexitech has unparalleled experience in its sector with the ability to respond to the recent increase in customer demand for innovation, sophisticated service capabilities, an international footprint and world-class quality and delivery. One of the priorities will be to accelerate the company’s expansion in Asia, while maintaining growth in its core markets in Europe and America. We look forward to working with the management team and taking Flexitech through the next phase of its development.”
Sun European Partners has significant experience making acquisitions in the industrial sector in France. Among its affiliated portfolio companies it has a number of leading businesses including Albéa, a global player in cosmetic packaging based in Gennevilliers, acquired from Rio Tinto Group in 2010 and Robertshaw Group (a division of Invensys Appliance), a leading white good appliance design, engineering and manufacturing company, formerly a subsidiary of Schneider Electric. Sun European Partners’ affiliates have also recently successfully completed exits in France, including DBApparel (Dim, Playtex, Wonderbra), which was originally acquired from Sara Lee and sold in 2014 to leading global marketer, Hanesbrands Inc.; and aerospace subcontractor, Manoir Aerospace, which was sold to Lisi Group in 2014.
Contact:
Fergus Wheeler
FTI Consulting
Tel: +44 (0) 20 3727 1522