Orix beats PE firms to buy Rabobank's Robeco
Orix has bought the asset management arm of Rabobank, Robeco, for EUR1.9 billion ($2.5 billion). The Japanese financial services firm will acquire a 90.1% stake in the company while Rabobank will retain 9.9%.
Rabobank had put the business up for sale to comply with Basel III requirements back in early 2012.
CVC Capital Partners, Advent International and Macquarie dropped out of the auction process, leaving Permira, AMG and Orix as the final bidders in October last year. Permira was believed to be only interested in the firm's European business, while AMG was only eyeing the US division.
Robeco, which has operations in 12 countries, saw its assets under management increase by 26% to EUR189 billion at the end of December, while net profit reached EUR197 million, up from EUR134 million the previous year. The deal will need to obtain regulatory approval from authorities in several countries.
Robeco's private equity interests include cleantech fund-of-funds, the third of which had its first close at $200 million in late 2010. Robeco SAM Clean Tech Private Equity III has a full target of $500 million and backs GPs as well as participating in co-investments. It is seeking cleantech opportunities in China and India, plus other Asian markets.
The unit also owns a 51% stake in Robeco TEDA (Tianjin) investment management, a joint venture with the Tianjin government, set up in 2009 to focus on cleantech opportunities in China.
"Robeco is a global company with an outstanding brand and excellent management, well‐diversified in all aspects including asset management products, investor clientele, managed portfolio, and regional presence," Yoshihiko Miyauchi, CEO of Orix Group, said in a statement."Orix will pursue further expansion in Europe and the US, as well as growth in Asia and Middle East regions where it has a strong platform."
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