Jet Investment exits Benet Automotive to trade

Benet Automotive was a Jet I buyout fund portfolio company. The fund closed on €128m, 38-40% of which was committed by the GP.

Following the transaction, the company will strengthen its capabilities and sales channels in Europe.

The acquisition is part of Teijin's push to grow its automotive composites business in Europe. The company acquired Portugal-based Inapal Plásticos in August 2018 and is investing in the French facilities of Continental Structural Plastics, which it acquired in January 2017.

The company was expecting an EBITDA of around CZK 100m (€3.85m) on sales of CZK 1bn for 2017, according to reports. Benet recorded sales of €35.2m in 2018.

Previous funding
Jet Investment acquired Benet in 2017 from the founder, Josef Zajicek, and the Swiss BA Group.

Company
Benet is an automotive composite components manufacturer and has three facilities in Czech Republic and one in Germany. Headquartered in Mlada Boleslav, the company has 720 employees.

People
Jet Investments – Igor Fait (managing partner). 

Advisers
Acquirer – Duff & Phelps (M&A); Clifford Chance (legal).

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• Topics
• Exits
• CEE
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• Trade sale