EQS-Ad-hoc: JOST Werke SE / Key word(s): Mergers & Acquisitions/Miscellaneous JOST acquires Crenlo do Brasil and accelerates strategic growth with products for agricultural machinery
JOST has signed a purchase agreement to acquire 100 % of the share capital in Taxi Brazil Holdings B.V., the Netherlands, the sole shareholder of Crenlo. The seller is Crenlo Engineered Cabs, a manufacturer of engineered operator cabs and roll over protective structures for heavy equipment and off-highway vehicles and a portfolio company managed by Angeles Equity Partners, LLC. Headquartered in Guaranésia, Brazil, Crenlo Brazil has been producing applications for the agricultural, mining, construction and forestry machinery industry in Brazil for over 23 years. It counts a wide range of major global blue-chip original equipment manufacturers (OEMs) active in Brazil among its customers. Crenlo Brazil owns and operates a versatile, best-in-class manufacturing facility in the state of Minas Gerais, which offers promising operating leverage opportunities and will serve as the manufacturing backbone for JOST’s off-highway activities in the Southern hemisphere. The experienced management team, with in-depth know-how and significant expertise in the Brazilian construction and agricultural machinery market, will remain part of the organization after the acquisition, supporting JOST’s strategy to grow into the sizable Brazilian off-highway and agricultural market, accelerating JOST’s profitable growth in the region. Future synergies will result from JOST’s ability to leverage Crenlo Brazil’s engineering and production capabilities to manufacture and market its agricultural front loaders and implements as well as further agricultural products in Brazil. The transaction will be financed through a combination of cash and existing credit lines. JOST expects leverage (net debt to LTM adjusted EBITDA) to increase slightly compared to the 1.18x reported as of June 30, 2023, but it will remain well within the target corridor of 1.0x to 2.0x.
Contact: JOST Werke SE End of Inside Information
30-Aug-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | JOST Werke SE |
Siemensstraße 2 | |
63263 Neu-Isenburg | |
Germany | |
Phone: | +49 6102 2950 |
Fax: | +49 (0)6102 295-298 |
E-mail: | ir@jost-world.com |
Internet: | www.jost-world.com |
ISIN: | DE000JST4000 |
WKN: | JST400 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1715157 |
End of Announcement | EQS News Service |
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1715157 30-Aug-2023 CET/CEST
source : webdisclosure.com