Sun acquires Flexitech

José Rojo
28 October 2015

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Buyout GP Sun European Partners has acquired French hydraulic brake hose designer Flexitech from corporate parent Mitsubishi.

The stake secured by Sun in Flexitech remains confidential but unquote" sources confirmed the GP will wholly acquire the company.

The business had been a subsidiary of Japanese corporate Mitsubishi since December 2007, when the automotive giant acquired it in full from German industrial player Freudenberg.

Sun stated its interest in the business stems from its position in the hydraulic brake hose segment amid mounting demand from clients in the automotive sector. The GP will help reinforce Flexitech's existing foothold in Europe and America and push expansion across the Asian market.

The corporate spin-off is the eighth investment to be financed via Sun's sixth buyout fund, which closed on $2.1bn in July 2014.

Sun's acquisition comes on the back of the recent carve-out of British flower farm owner Finlays Horticulture.

Debt
Sun's takeover was supported with a unitranche facility provided by Tikehau IM.

Company
Flexitech was created in 1960 as a designer and tester of brake hose devices for automotive clients such as BMW, Daimler, Ford, Fiat-Chrysler and General Motors.

Headquartered in Saint-André-le-Puy, near Lyon, the business operates additional facilities in Romania, the US, Mexico and Brazil, and is also active in China and India via its partnership network. The company most recently posted a $140m turnover and a $12.4m EBITDA, according to unquote" sources; its headcount tallies 1,200 professionals.

People
Sun European Partners was represented by Lionel de Posson. Richard Allen is currently CEO at Flexitech.

Advisers
Equity – William Blair (M&A); DLA (Legal).