Littlejohn exits Henniges Auto to China's AVIC

The size of the transaction was not disclosed but previous reports suggested an enterprise valuation in the region of $600 million, adding that Henniges generated revenue of $774 million in 2013. The buyer is AVIC Automotive Systems Holding, a platform through which the parent company develops auto parts for its various subsidiaries.

Henniges produces sealing and anti-vibration solutions for doors, windows, trunks, sunroofs and hoods, enabling vehicles to stay quiet and dry. It supplies automotive original equipment manufacturers (OEMs) worldwide, has facilities in North America, Europe and China, and has more than 7,100 employees. Customers include General Motors, Ford Motor, BMW, Volkswagen, Nissan, Honda, and Beijing Automotive Industry Corp.

Littlejohn purchased the business in 2010 from another private equity firm, Wynnchurch Capital Partners. Wynnchurch created the company in 2007 through the merger of two competing vehicle sealing suppliers, Metzler North America and GDX Automotive.

Under AVIC Auto's ownership, Henniges is expected to continue expanding its global footprint and technological capabilities. "This acquisition represents a long-term, strategic investment by AVIC Auto to sustain and grow the Henniges business, while keeping the successful leadership, culture, benefits and contracts associated with the company intact," said Daen Lu, chairman of Henniges, in a statement.

AVIC Auto's previous international acquisitions include Nexteer Automotive Group in 2011. Beijing E-Town, an investment arm of the Beijing government, bought the business in 2010 and sold on its majority stake to AVIC Autp. Nexteer went public in Hong Kong in 2013.

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• Topics
• Exits
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• Greater China
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