Cinven fights for JOST control

The beleaguered company was acquired by Cinven in mid-2008 for a reported transaction value of €500-550m. When the automotive sector ran into difficulties, JOST was in need of restructuring. However, the lenders rejected the restructuring proposal by Cinven.

JOST was originally acquired by Alpha Beteiligungsberatung GmbH from family shareholders in 1998, which at the time was the largest buyout Alpha had completed in either Germany or France. In 2005, Alpha sold the company to Silverfleet, then PPM Capital, for €320m.

At closing, Silverfleet Capital was reported to have received a total consideration representing a 3.1x money multiple and an IRR of 47% on its original equity investment made when it bought the business in August 2005.

JOST is headquartered in Neu Isenburg, near Frankfurt. It was founded in 1952 and is a manufacturer of components for connecting truck and trailer units. At the time of its acquisition by Cinven, the group employed 2,000 staff in 20 countries worldwide and was growing faster than the industry average and reported a turnover of €445m in 2007.

In May 2008, JOST completed the acquisition of TRIDEC BV, a Dutch manufacturer of mechanical and hydraulic steering systems.

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• Topics
• DACH
• Industrials
• Restructuring
• Germany
• Cinven