Lincoln International Advises Valeo on the Sale of its Truck Engine Cooling Division to Nordic Private Equity Firm EQT Opportunity
PARIS – JUNE 30, 2008 – Lincoln International, a leading global mid-market investment bank, acted as Valeo financial advisor in the today’s announced sale of Valeo’s Truck Engine Cooling Division to EQT Opportunity. Valeo is a leading global Tier 1 supplier to the automotive industry headquartered in Paris, France, with nearly €10bn in sales and employing 61,300 people in 28 countries. EQT Opportunity is the mid-market fund of EQT, a leading Nordic private equity firm with global reach. Terms of the transaction were not disclosed.
Valeo’s Truck Engine Cooling Division makes cooling engine modules comprising radiators, charge air coolers and compressors as well as oil coolers for heavy duty engines used in trucks, buses, off-highway vehicles and power generators. Its clients are amongst the major names in these industries on both sides of the Atlantic, including Volvo Trucks, Scania, Mercedes, Iveco, GMC Trucks, Freightliner, Bluebird buses, Caterpillar and Cummins. It operates two plants in Sweden and one in the US. Renamed TitanX Engine Cooling (“TitanX”) by its new owners, TitanX had sales of €176m in 2007 and employs some 900 people.
This project is in line with Valeo's strategy to divest non-core businesses, as the Group wishes to focus its engine cooling activity on passenger cars and light trucks
Lincoln International worked closely with Valeo’s M&A team to manage the transaction process. Its mission consisted principally in targeting potential buyers around the globe, producing the marketing documents, coaching the management presentations, coordinating the electronic data room, defending valuation items and liaising between its client and EQT in the ultimate stage of the negotiations.
“Valeo is an impressive organization and we are very proud to have been selected for this complex transatlantic assignment,” said Jean-René Hartpence, Managing Director of Lincoln International based in Paris. “Lincoln’s knowledge of the automotive and truck space and our international footprint enabled us to market Titan to a global buyer universe whilst at the same time providing to Valeo execution resource on both sides of the Atlantic” added Robert Satow, Managing Director in the New York office of Lincoln International.
Lincoln International has an active Automotive and Truck Group headed by senior investment bankers and leverages key experience, insights and relationships in the industry in local markets worldwide. The firm works with many of the major automotive and truck component manufacturers in the world including Alcoa, Arvin Meritor, Bosch, Continental, Johnson Controls and Siemens as well as many of the private equity groups and other financial advisers who are active in the industry. Lincoln’s transaction experience has resulted in a level of knowledge in the major areas of component manufacture which in turn has resulted in successful results for clients.
About Lincoln International
Lincoln International specializes in merger and acquisition services, private capital raising, and providing fairness opinions and valuations for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, London, Los Angeles, Madrid, New York, Paris and Vienna, and strategic partnerships with China Everbright and other partner firms in Asia, Lincoln International has strong local knowledge and contacts in the key global economies. The organization 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. More information about Lincoln International can be obtained at www.lincolninternational.com
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