3i puts Hyva up for sale

The potential exit, which is just one of several that have been linked to 3i recently, could value the business at around €500m and net the backer a near double digit money multiple on its investment. 

3i is thought to have already generated some returns as part of a 2006 refinancing of the business and the strong growth in Hyva's sales and profits during the investor's tenure bodes well for a bumper IRR: Hyva trebled its sales between 2004 and 2008 and EBITDA is forecast to rise by 70% this year to €60m.

Founded in 1979 and based in Amsterdam, Hyva is a producer and supplier of components, in particular hydraulic cylinders and related items, for commercial vehicles. The firm's customer base comprises both OEMs and distributors. In addition to its EU production facilities, Hyva also has sites in Brazil, India and China.

3i bought Hyva for €125m in early 2004, acquiring approximately 80% of the company, alongside existing investor Alpha Beteiligungsberatung GmbH & Co KG. ABN AMRO arranged and underwrote a debt package, comprising senior facilities and a small mezzanine strip.

Alpha orginally acquired Hyva in 1999.

 

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