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MACHINIST - Ruia to acquire 2 automotive sealant makers in Turkey and Germany

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Home arrow News arrow Mergers and Acquisitions arrow Ruia to acquire 2 automotive sealant makers in Turkey and Germany

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Ruia to acquire 2 automotive sealant makers in Turkey and Germany
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Written by Satish   
Thursday, 12 May 2011

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Kolkata: The Pawan Kumar Ruia Group has entered into binding agreements to acquire Turkey-based Standard Profil and Germany-based Meteor Gummiwerke — for an undisclosed amount.

Standard Profil, which has manufacturing locations in Turkey, Bulgaria, South Africa and China, is a fast growing, tier-one rubber profile and weather-strip producer for global automotive OEMs. Standard Profil had EUR 180 million in sales in 2010.

"My management team and I are very excited to continue the successful growth of our sealing business under the umbrella of the Ruia group and expand the services for our customers into new regions," said Andreas Engel, CEO of Standard Profil. The transaction is subject to standard antitrust approvals and is expected to close in the third quarter of 2011.

"We are very excited to have signed a deal to acquire such a rapidly growing company. This acquisition is in line with the Ruia Group's strategy to consolidate the automotive sealing industry and its plan to emerge as a global leader in the automotive ancillary industry. The addition of a market leader such as Standard Profil to the portfolio will accelerate the growth," said Pawan K Ruia, Chairman of the Ruia Group.

Meteor Gummiwerke had a revenue of EUR 222 million in 2010.

Ruia Group is an Indian industrial conglomerate with core businesses in infrastructure equipment, automotive ancillaries, and tyres. Ruia Group has built a strong presence in Europe with group sales totaling more than EUR 700 million.

With these two acquisition Ruia Group will have four sealing system companies. In 2008 the company had acquired Schlegel in UK and GDX Automotive (now Draftex), Germany in December 2009.

"We would like to have separate holding companies for sealing business, fasteners business and one may be for other miscellaneous operations," said Pawan K Ruia.

Ruia also acquired German automotive fasteners manufacturer Acument GmH & Co KG in February this year. It incorporated a new company, Ruia Global Fasteners AG (RGF).

"We are proud of the success Standard Profil has achieved under our ownership. The transaction with Ruia Group will undoubtedly result in a winning combination," said Tamas Szalai, partner of Bancroft.

Bancroft Private Equity is a private equity firm investing in Central and Eastern Europe and Turkey. Since the launch of its first fund in 1996, Bancroft has invested in 16 companies with 11 exits, including Standard Profil. Bancroft is currently investing its third fund, Bancroft 3, LP.

 
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