2022/02/22

BDA advises Toshiba on the sale of Toshiba Transmission & Distribution Europe to Mutares

Divested Toshiba Transmission & Distribution Europe to Mutares

2022

BDA Partners is pleased to announce that its client, Toshiba Energy Systems & Solutions Corp, a 100% subsidiary of Toshiba Corp, has sold Toshiba Transmission & Distribution Europe SpA (“TTDE”) to Mutares SE & Co KGaA (“Mutares”). Terms of the transaction were not disclosed.

BDA Partners, along with Eidos Partners, acted as financial advisor to Toshiba on the transaction.

Based in Genova, Italy, TTDE is a provider of full turnkey EPC (engineering, procurement, and construction) services for energy transmission and distribution. TTDE delivers HV/MV substations, battery storage systems, smart grid solutions and plants for renewable energy, all over the world.

Mutares, a listed private equity holding company headquartered in Munich, will acquire TTDE as an add-on for its portfolio company Balcke-Dürr Group, a German-based supplier of components for increasing energy efficiency and reducing environmental impact for the industry.

Hideyuki Tozawa, Managing Director and Co-Head of Tokyo, BDA Partners, said: “We are proud to have been able to advise Toshiba, one of Japan’s most recognised corporates. This transaction again showcases BDA’s cross-border capabilities and our ability to handle complicated carveout divestitures for our multinational clients. We look forward to assisting more Japanese and other corporates with their portfolio divestments.”

Deal team

About Toshiba Transmission & Distribution Europe

Toshiba Transmission & Distribution Europe S.p.A. (“TTDE”) is an Italian company specialized in engineering and construction activities for the realization of HV/MV electrical substations. TTDE is recognized for its experience and skills in delivering full turnkey projects and for its role as system integrator within the energy field, with over 200 projects delivered all over the world. It also deals with battery storage systems and smart grids in the renewable energy sector. TTDE was established in March 2011 and is based in Genova, Italy.

About Toshiba Energy Systems & Solutions Corp

Toshiba Energy Systems & Solutions is a leading supplier of integrated energy solutions. With its long experience and expertise in a wide range of power generating and transmitting systems and energy management technology, the company delivers innovative, reliable and efficient energy solutions across the globe. Split off from Toshiba Corp (TOKYO: 6502) in October 2017. www.toshiba-energy.com

About Mutares

Mutares is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, London, Madrid, Milan, Paris, Stockholm and Vienna. It acquires small- and medium-sized companies and parts of groups with headquarters in Europe that show significant potential for operational improvement and are sold again after undergoing a repositioning and stabilization process. Mutares actively supports and develops its portfolio companies with its own investment and operations teams as well as through acquisitions of strategic add-ons. In the financial year 2020, Mutares generated consolidated annual revenues of around €1.6bn with more than 12,000 employees worldwide. For the financial year 2021, consolidated revenues of at least €2.4bn are already expected. www.mutares.de

About Eidos Partners

Eidos Partners is an independent advisory firm specialised in financial restructuring, mergers and acquisitions, debt raising, financial advisory services and execution of structured finance transactions, including bond issues and derivatives. Eidos Partners works with Italian and international companies, private equity funds and institutional investors. www.eidospartners.com

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com