Lincoln International represents Dyson Group plc in the sale of Saffil Group
Lincoln International LLP (“Lincoln”), a leading global mid-market investment bank, has announced that Sheffield-based Dyson Group plc (“Dyson”) has sold its core business Saffil Group (“Saffil”) to Unifrax I LLC (“Unifrax”).
Saffil develops, manufactures and sells innovative, high-temperature polycrystalline wool materials to a global customer base. It has two main business units: Saffil Automotive and Saffil Fiber. The Saffil business has a rich history based upon its high-performance Saffil® High-Alumina Fiber and Ecoflex product lines. Saffil products are used in a wide variety of applications but particularly in the automotive emission control support mat market.
The Saffil business is headquartered in Widnes in the U.K. and has manufacturing operations in the U.K. and South Africa as well as regional offices in the USA, Japan and China and sales representation in Brazil. The business employs approximate 300 employees worldwide.
Unifrax, headquartered in Niagara Falls, New York, is a leading global supplier of insulation products that are used in many high-temperature industrial, automotive and fire protection applications. The Company has 17 manufacturing facilities in the United States, Europe, Asia and Latin America and employs approximately 1,300 people worldwide.
The transaction has resulted in the combination of Saffil's and Unifrax's manufacturing and conversion technologies to create a global force in the automotive catalytic converter mat market. It will ensure Saffil has access to the financial capital required to support its substantial growth ambitions, creating new jobs and unlocking greater international sales potential. The Saffil business will remain headquartered in Widnes, UK.
Julian Cooper, Chairman of Dyson Group plc, is confident the sale of the Saffil business will be good for Saffil employees, “Unifrax will be a great parent for the Saffil business. The markets served by Saffil are strategically important to Unifrax and Saffil’s product family nicely complements the current Unifrax offering.” Cooper added “Unifrax is prepared to make the investments necessary to secure the long-term future of the business which would have been difficult for Dyson to make. We are confident the sale of the business to Unifrax provides Dyson shareholders fair value while securing a bright future for Saffil employees.” Cooper further noted “Lincoln International was instrumental in delivering an excellent result for Dyson through the extensive experience of its Automotive & Truck team as well as by employing its significant cross-border capabilities on this transaction.”
Mark Briscoe, CEO of Saffil, believes this deal will be transformational for the UK based high performance materials company, “Saffil is entering an incredibly exciting new era. Over the past two years Saffil has continued its very rapid growth and gained market share, particularly in the European heavy truck market and the fast growing developing economies of Asia and South America. By combining with Unifrax, we are creating a major new global force in the catalytic converter mat market that will deliver innovative best-in-class products for our customers. Together with Unifrax we will continue to invest in capacity expansion so as to support our future growth.”
Robert Satow, Managing Director and Co-Head of the Global Automotive & Truck Group at Lincoln International, said: “Combining Saffil with Unifrax will create a new global force in the automotive catalytic converter mat market and will ensure Saffil has the financial resources to realise its substantial growth ambitions.”
Darren Redmayne, UK chief executive of Lincoln International, said: “This transaction is an example of what Lincoln International is all about - bringing sector expertise to an international, mid-market transaction. We are delighted to have helped Saffil reach the next phase of its strategic development.”
About Lincoln International and its Global Automotive and Truck Group
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With twelve offices (three in the Americas, two in Asia, and seven in Europe) and strategic partnerships with leading institutions in China and Korea, Lincoln International has strong local knowledge and contacts in the key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest.
Lincoln International’s Global Automotive & Truck Group specialises in automotive component transactions in the mid-market. The group’s highly integrated, international team of M&A professionals has extensive experience advising the leading Tier I suppliers in the industry, as well as privately-held and private equity owned companies supplying automotive components, systems and services. This transaction represents the 28th deal on which Lincoln International’s Global Automotive & Truck Group has advised since the beginning of 2010. In addition to working with Dyson/Saffil, Lincoln International has recently completed transactions in the emission and exhaust area for Cummins and Delphi and has also worked for other clients in the automotive and truck industry that include Alcoa, Bosch, Johnson Controls, Trelleborg, Tyco Electronics, Valeo and Wanxiang.
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