13 December 2017
BDA advises Hyster-Yale on agreement to acquire 75% of Zhejiang Maximal Forklift Truck, China
Acquired 75% of Zhejiang Maximal Forklift Truck, China
BDA Partners is pleased to announce that its client, Hyster-Yale Materials Handling, Inc (“Hyster-Yale”, NYSE: HY), has entered into a definitive agreement to acquire a 75% stake in Zhejiang Maximal Forklift Truck Co Ltd (“Maximal”) for US$90 million. The transaction is expected to close in the first half of 2018.
BDA acted as exclusive financial advisor to Hyster-Yale on the transaction.
Maximal, a privately-held, Chinese OEM founded in 2006, is involved in the design, manufacture, service and distribution of lift truck products in both the local China and global markets under the Maximal and SAMUK brands. Maximal also designs and produces specialized products in the Port Equipment and Rough Terrain forklift segments.
Colin Wilson, President and Chief Executive Officer of Hyster-Yale said, “Maximal is well-known as a reliable manufacturer of global utility and standard forklift trucks and specialized material handling equipment. We look forward to meeting our customers’ needs more effectively by broadening our product offerings as a result of this transaction. Maximal’s historical strength is in China, the world’s largest market and where we want to expand.”
"We’re pleased to have supported Hyster-Yale on this highly strategic transaction in the specialty vehicle and equipment sector. BDA has built a strong track record in advanced manufacturing M&A across borders and in Asia, helping multi-national corporate clients realize their business development goals."
About Hyster-Yale Materials Handling, Inc
Hyster-Yale Materials Handling, Inc, headquartered in Cleveland, Ohio, offers a broad array of solutions to meet the specific materials handling needs of customers’ applications. The Company’s wholly owned operating subsidiary, Hyster-Yale Group, Inc, designs, engineers, manufactures, sells and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Subsidiaries of Hyster-Yale Group include Nuvera Fuel Cells, LLC, an alternative-power technology company focused on fuel cell stacks and engines, on-site hydrogen production and dispensing systems, and Bolzoni S.p.A., a leading worldwide producer of attachments, forks and lift tables marketed under the Bolzoni Auramo® and Meyer® brand names.
About Zhejiang Maximal Forklift Co Ltd
Founded in 2006, Zhejiang Maximal Forklift Co Ltd is a privately-held, major Chinese OEM of utility and standard lift trucks and specialized material handling equipment involved in the design, manufacture, service and distribution of Class 1 electric and Class 5 internal combustion engine counterbalance utility and standard platforms, and Class 2 and Class 3 electric warehouse products in both the local China and global markets. Zhejiang Maximal Forklift Company Limited also designs and produces specialized products in the Port Equipment and Rough Terrain forklift segments. www.maxforklift.com
BDA Partners is a leader in cross-border investment banking involving Asia. BDA advises on M&A and capital raising. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe, and Asia. BDA is headquartered in New York with offices in London, Dubai, Mumbai, Ho Chi Minh City, Singapore, Hong Kong, Shanghai, Seoul, and Tokyo. BDA formed partnerships with William Blair & Company in 2011 and Development Bank of Japan in 2017. www.bdapartners.com
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 authorised 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.
Divested Thinh Phat Cables and Dong Viet to Stark Corporation
Established JV with Superior Essex
Divested Nagano Industry to JAFCO
Divested Nippon Oil Pump to CITIC Capital
Divested Parador to HIL Limited
Divested its 49% stake in Mitsubishi Motors Philippines
Divested 80% stake to JKL Partners
Divested Model Solution to Hankook Tire
Acquired roller coaster manufacturer, Vekoma Rides
Divested MFS Technology to DCP Capital
Divested shares of Taiheiyo Seiki Holding to TKY
Issued equity to China National Heavy Duty/Sinotruk
Divested China foodservice business to Huhtamaki
Divested Indian compact construction equipment business to Manitou
Divested UK compact construction equipment business to Groupe Mecalac
Divested Facade Access Holdings to Alimak Group
Divested King Koil China to Advent International
Acquired Graphic Controls, USA
Divested German CCE business to Yanmar
Agreed to Divest Tri-Wall Holdings to Rengo