M&A Deal Summary

Cinven and Avedon Capital Partners Acquire JOST

On June 10, 2008, private equity firm Cinven and growth capital firm Avedon Capital Partners acquired automotive company JOST from Silverfleet Capital

Acquisition Highlights
  • This is Cinven’s 3rd and Avedon Capital Partners’ 1st transaction in the Automotive sector.
  • This is Cinven’s 4th and Avedon Capital Partners’ 2nd transaction in Germany.
Investment Fate
  • JOST went public in 2017.

M&A Deal Summary

Date 2008-06-10
Target JOST
Sector Automotive
Buyer(s) Cinven
Avedon Capital Partners
Sellers(s) Silverfleet Capital
Deal Type Secondary Buyout

Target

JOST

Neu-Isenburg, Germany
JOST is a manufacturer of components for connecting truck and trailer units. The Company offers branded quality products clustered in three systems: Vehicle Interface (focusing on products required to operate a commercial vehicle combination of trucks and trailers such as fifth wheels and landing gears), Handling Solutions (including container technology and hydraulic cylinders products) and Maneuvering (focusing on truck and trailer axles and forced steering). JOST was founded in 2008 and is based in Neu-Isenburg, Germany.

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Buyer(S) 2

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 117 of 186
Sector: Automotive M&A 3 of 4
Type: Secondary Buyout M&A Deals 17 of 57
Country: Germany M&A 4 of 14
Year: 2008 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-10 Partnership Assurance

London, United Kingdom

Partnership Assurance Ltd. is a specialist provider of retirement solutions. The company provides insurance products to individuals who, because of an existing medical condition, have a reduced life expectancy and hence qualify for a higher or enhanced retirement annuity.

Buy €200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-22 USP Hospitales

Madrid, Spain

USP Hospitales is a hospital operator in Spain, focused on the provision of hospital services to the private insurance and self-pay segments. It is present in 9 out of Spain’s 17 regions and is headquartered in Madrid.

Sell -
DESCRIPTION

Avedon Capital Partners is a private investment firm focused on minority and majority growth investments in the Benelux and Germany. Avedon pursues rapidly growing companies that have reached an inflection point where a growth equity investment can create significant value. The Firm looks to invest €5 to €30 in companies valued up to €150 million. Investment proceeds are generally used to fund key growth initiatives or shareholder liquidity. Avedon Capital Partners was formed in 2011 and is based in Amsterdam.


DEAL STATS #
Overall 8 of 34
Sector: Automotive M&A 1 of 2
Type: Secondary Buyout M&A Deals 1 of 4
Country: Germany M&A 2 of 11
Year: 2008 M&A 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-06 Gebr. Reinfurt & Co. KG

Rimpar, Germany

GRW is a designer and manufacturer of custom engineered high precision miniature ball bearing solutions. GRW has a comprehensive product offering of several thousand different variants that are designed to meet specific customer application requirements in the Healthcare, Aviation & Defense, Drive Systems & Analysis and Industrial & Distribution end-markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Van Geloven

Tilburg, Netherlands

Van Geloven is a producer of frozen snacks and appetizers in the Benelux market. The company produces various ragouts products (such as croquettes and bitterballs), satay, nasi and bami products (ethnic Indonesian fried rice, respectively, noodle dish) and minced-meat rolls (frikadellen, hamburgers). Van Geloven was formed in 1960 and is based in Tilburg, Netherlands.

Buy €260M

Seller(S) 1

SELLER

Silverfleet Capital

London, United Kingdom

Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 2.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Silverfleet Capital is an independent private equity firm that invests in market leading businesses in growing sectors. Silverfleet looks to acquire companies headquartered in Western Europe or US-based businesses with a substantial European presence. Target companies are typically valued between €75 and €500 million and operate in sectors spanning business and financial services, healthcare, leisure, and retail/consumer. Silverfleet Capital was formerly known as PPM Capital, operating under Prudential plc. Silverfleet has offices in London, Paris, Munich, and Chicago.


DEAL STATS #
Overall 15 of 42
Sector: Automotive M&A 1 of 2
Type: Secondary Buyout M&A Deals 9 of 24
Country: Germany M&A 2 of 9
Year: 2008 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-03 Cannons Group

New Malden, United Kingdom

Cannons(formerly Vardon plc)is one of the leading health and fitness operators in the UK whose current portfolio includes 52 Cannons Health Clubs in the UK and the management of 14 public leisure facilities, 10 of which offer Courtney?s Fitness Centres. Through its different brands, Cannons provides health and fitness services to over 165,000 members.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-17 TMF Group

Amsterdam, Netherlands

TMF Group is a provider of accounting and corporate secretarial services. TMF provides locally-delivered outsourced business and compliance services (including corporate secretarial, tax & accounting, legal & administration and HR & payroll) to approximately 15,000 multi-national corporates, investment funds and high-net worth individuals globally. With a network of offices across over 80 countries, and headquartered in Amsterdam, TMF Group has the in-country expertise and knowledge to help businesses of all sizes expand and operate both within and beyond their home markets. TMF Group was founded in 1988 and is based in Amsterdam, Netherlands.

Sell €750M