Unitas picks up 3i portfolio company, Hyva
Hong-Kong headquartered Unitas Capital has led a consortium in the purchase of leading Netherlands-based hydraulic solutions provider to the commercial vehicle sector, Hyva Investments BV (Hyva), for EUR 525 million ($696 million). 3i purchased the group in 2004 in an MBO valued at $125 million, using $30.7 million in equity and the rest in debt, according to reports at that time.
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. 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.
John Lewis, Partner and CIO at Unitas commented on the deal, "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."
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.
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