10 June 2008
Silverfleet Capital to make 3.1 x money multiple in sale of Jost World to Cinven.
Silverfleet Capital the European private equity house and buy and build specialist has agreed the sale of Jost World GmbH (Jost Group), the leading global manufacturer of components for commercial vehicles, to Cinven. The deal is subject to regulatory approval and is expected to close in July 2008.
At closing, Silverfleet Capital will receive a total consideration representing a 3.1x money multiple and an IRR of 47 per cent on their original equity investment made when they bought the business almost three years ago in August 2005.
Jost Group is headquartered in Neu Isenburg near Frankfurt. It was founded in 1952 and now has a leading position worldwide in the manufacture of components for connecting truck and trailer units. The Group employs 2,000 personnel worldwide. JOST has production facilities in Western Europe, including the UK, CEE, Asia, Brazil, Africa and the United States.
Commenting Guido May, Partner at Silverfleet Capital who was on the board of JOST said: “The business has seen exceptional growth over the last three years; organically and through acquisition - part of our buy and build strategy. The recent acquisition of Tridec BV, a specialist manufacturer of steering systems, axle suspensions and suspension systems, based in the Netherlands, is a good example of how a buy and build strategy can create business synergies.
“The business is now well placed to move forward to the next step in its development. We wish both the management and Cinven well in this next phase.”