EQS-Adhoc: JOST Werke SE: JOST acquires Hyva – sale and purchase agreement to acquire Hyva signed

JOST acquires Hyva – sale and purchase agreement to acquire Hyva signed

Neu-Isenburg, October 14, 2024. JOST Werke SE ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, today signed a sale and purchase agreement with Unitas Capital Pte. Ltd. and NWS Holdings Limited, to purchase all shares in Hyva III B.V., including its direct and indirect subsidiaries worldwide ("Hyva").

Hyva is a leading supplier of hydraulic solutions for commercial vehicles with a worldwide market share of more than 40% for front-end tipping cylinders. Founded in 1979, Hyva is headquartered in The Netherlands and sells to customers across more than 110 countries through a well-established and recognized sales and service network. With about 3,000 employees around the world, Hyva’s manufacturing footprint encompasses 14 production facilities across China, India, Brazil, Mexico, Germany and Italy, servicing the transport, agriculture, construction, mining and environmental industries.

In the last twelve months, ended June 30, 2024, Hyva generated sales of about EUR 629 million, a gross profit margin of 23.4%, an adj. EBITDA of EUR 54 million and an adj. EBIT of EUR 41 million. JOST is targeting a synergy potential of more than EUR 20 million p.a. and expects the acquisition to be accretive. Through a combination of both businesses as well as the realization of the identified synergies, Hyva’s profitability is expected to match JOST’s targeted adj. EBIT margin corridor (10.0% to 12.0%) two years after closing.

The purchased price amounts to USD 398 million (corresponding to approx. EUR 362 million, translated at the rate 1.10 USD = 1.00 EUR). This represents an EV/EBITDA of 6.7x at the time of purchase and of less than 4.9x post-synergies.

The pro-forma combined group sales (based on based on LTM June 30, 2024, figures) are expected to grow significantly to EUR 1.8 billion and the combined adj. EBIT is expected to increase to EUR 175 million, which will be accretive to adj. EPS already in the first year post closing.

The closing of the acquisition is subject to approval by the relevant antitrust authorities. Closing is expected to take place by early 2025.

Contact:

JOST Werke SE
Romy Acosta
Head of Investor Relations
T: +49 6102 295-379
romy.acosta@jost-world.com