Lincoln International Represents Amerigon Inc. in its Acquisition of W.E.T. Automotive Systems AG
Lincoln International, the independent global mid-market investment bank, has advised Amerigon Inc. (NASDAQ-GS:ARGN), a designer, developer and supplier of products based on advanced, proprietary, efficient thermoelectric device technologies for a wide range of global markets, on its acquisition of 76.3% of the shares of W.E.T. Automotive Systems AG (DB:WET). W.E.T. is a German-headquartered business engaged in the development, production and sale of technology components for manufacturers of seat comfort and automotive cable systems in North America, Europe and Asia.
Amerigon acquired its position in W.E.T. through a combination of the acquisition of a shareholding from a majority institutional shareholder in the Company and a tender offer which has recently been completed. The tender offer valued each W.E.T. share at €40 and the whole of W.E.T.’s outstanding share capital at €121.6 million ($177.5 million). The funds for the acquisition were provided from Amerigon’s existing cash resources and from bank and equity financing.
Bud Marx, Chairman of the Board for Amerigon, said of Lincoln’s role, “Lincoln International provided important advice and counsel, and very illuminating analysis in support of our successful acquisition of a majority of the shares of W.E.T. This was a very complex cross-Atlantic transaction with a lot of moving parts, and Lincoln's assistance was invaluable.”
Commenting on the transaction, Gary Walther, Co-Head of Lincoln’s Global Automotive & Truck Group, and Richard Floto, Managing Director said, “The transaction represents an important step for Amerigon to gain global market penetration and build a global manufacturing capability through a partnership with W.E.T. The financing provided to Amerigon from leading banks and investors reflects the strategic opportunities inherent in the transaction.” The transaction was completed in conjunction with Lincoln International’s Frankfurt office.
About Amerigon Inc
Amerigon develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat® (CCS®) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Southeast Michigan, Japan, Germany, England and Korea.
About W.E.T. Automotive Systems AG
Established in 1968, W.E.T. operates worldwide as a developer, manufacturer and retailer of heating systems, interior equipment and accessories used in automobile seats and other automotive and electronic applications in the automotive industry. W.E.T. has customer service centers and production facilities in Europe, Asia and North America. Its customers include automotive manufacturers, suppliers and manufacturers of electric and industrial technology around the globe.
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 eleven offices; three in the Americas, one in Asia, and seven in Europe, and strategic partnerships with leading institutions in China, India 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 is a leading global advisor on automotive component transactions in the middle 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. The Amerigon transaction represents the 18th completed deal on which Lincoln International’s Global Automotive & Truck Group has advised since the beginning of 2010. In addition to working with Amerigon, Lincoln International has recently completed automotive and truck transactions for clients that include Alcoa, Bosch, Cummins, Delphi, Johnson Controls, Trelleborg, Tyco Electronics, Valeo and Wanxiang.
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