Germany-based Jost, a leading manufacturer of systems, modules and components for the truck industry, has been acquired by international private equity firm Cinven for an undisclosed price. Further investments for the geographical expansion, the product extension and the development of the market are planned, said Cinven.
The management team at Jost will reportedly remain unchanged after the acquisition, as will the contact persons for the worldwide customers. Jost's well-known product line includes fifth wheels, towing hitches, trailer/swap body landing legss, drawbars and articulated steering systems.
The company is active in all continents and its other brands include Rockinger, Regensburger and, since last month, Tridec, which specialises in mechanical and hydraulic steering systems. Jost employs around 2000 persons in 20 countries and has outperformed the market over the past five years. Annual sales have grown at double digit rates on average to around €445M in 2007.
Bruno Schick, principal at Cinven Germany, said: "Demand for trucks will continue to grow, also due to the strong economic growth in Eastern Europe and Asia. We are delighted to have acquired Jost, a fast growing leader whose brand stands for quality and safety. We will fully support the strategy of the outstanding management team and we will invest in growth, geographic expansion, product extension and the further strengthening of the market leadership."
Lars Brorsen, CEO of Jost group said: "With Cinven, we are delighted to have a partner with whom we can continue our successful growth strategy. Cinven will financially support our ongoing international expansion as well as additional acquisitions."
Cinven is focussed on acquiring European-based companies valued at €500M and above. It has led transactions with a value in excess of €60B. Established in 1977, the firm invests in five key sectors: business and financial services; healthcare; industrials; retail, leisure and consumer; and technology, media and telecommunications.
Cinven's investments include Springer (€2.1B, Sept 03), Amadeus (€4.4B, June 05), Frans Bonhomme (€M, Dec 05), Avio (€2.6B, Dec 06) and Coor (€540M, Dec 07). Cinven Limited is authorised and regulated by the Financial Services Authority |
