Triton sells Cobex in €825m deal

Cobex was a Triton Fund IV portfolio company; the fund closed on €3.3bn in 2013 and was 96% deployed as of June 2018.

Tokai will use cash and a bridge loan followed by bond issuance and bank borrowings to finance the transaction. The acquirer, which also manufactures carbon and graphite products, is listed on the Tokyo Stock Exchange and generated sales of ¥231bn in 2018.

Triton has expanded Cobex's operations in China during its holding period and has grown its headcount. It generated sales of €234.5m in 2018 and EBITDA of €75.7m.

Previous funding
Triton IV acquired SGL Group's cathodes, furnace linings and carbon electrodes businesses (CFL/CE) in a deal valuing the business at €250m in August 2017. The company was renamed Cobex in 2018.

Company
Based in Wiesbaden, Cobex manufacturers carbon and graphite products for the primary aluminium and iron-making industry and other metallurgical smelting processes. The company also has two plants in Poland, and sales and technical services in China. Founded in 1878, the company employed 681 people as of 2018.

People
Triton Partners – Rohin Jain (investment advisory professional).
Tokai Carbon – Hajime Nagasaka (president, CEO).
Cobex – Frank Goede, Andrzej Hotlos (managing directors).

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