HUF HÜLSBECK & FÜRST HAS ACQUIRED BERU ELECTRONICS FROM BORGWARNER
Birmingham, Michigan – November 29, 2011 – Angle Advisors is pleased to announce that BorgWarner Inc. (“BorgWarner”) has agreed to sell 100% of the shares of BERU Electronics GmbH (“BERU Electronics”) to Huf Electronics, a wholly-owned subsidiary of Huf Hülsbeck & Fürst GmbH & Co. KG (“Huf Group”). Angle Advisors acted as the exclusive investment banking advisor to Berg Steel in completing this transaction.
Located in Bretten, Germany, BERU Electronics is one of only five globally acknowledged producers of OE-level direct tire pressure monitoring systems (“TPMS”) for both automotive and commercial vehicle applications. BERU Electronics is a leader in the development, design and manufacture of TPMS, serving leading vehicle manufacturers including BMW, Volkswagen, Porsche and Daimler Truck.
Chris Vance, Vice President Business Development and M&A at BorgWarner, commented on the sale, “The Angle team was engaged throughout our process. Their technical knowledge and extensive research in the global automotive market was extremely valuable in positioning the business, demonstrating a defensible business plan, and anticipating potential buyer concerns. Their presence in North America, Europe and Asia, and exceptional relationships with key auto decision-makers, especially in the automotive electronics segment, generated a sustained competitive environment through signing.”
BorgWarner’s TPMS product line includes both current model electronics, proprietary auto-locate technology and advanced Generation IV tire-mounted sensors. “Consistent with our experience selling innovative automotive electronic product lines, we see a tremendous opportunity for Huf to integrate TPMS with Huf’s Remote Keyless Entry, or RKE, solutions”, said Clifton Roesler, Managing Director at Angle Advisors. “Through this acquisition Huf will harness regulatory mandates for TPMS (NAFTA 2007 and beginning 2012 in Europe and 2014-2016 in Asia) and benefit from trends emphasizing driver safety, fuel economy and reduced CO2 emissions”. The same team sold Delphi’s electronically-controlled brakes unit to BeijingWest Industries and has completed 36 auto electronics transactions in total.
"We are planning to expand this segment even further and will use synergies to our existing product range. The product spectrum of Huf and BERU Electronics match quite well", confirmed Ulrich Hülsbeck, CEO of the Huf Group.
BorgWarner Inc. (NYSE: BWA), headquartered in Auburn Hills, Michigan, is a technology leader in highly engineered components and systems for powertrain applications worldwide. Operating manufacturing and technical facilities in 59 locations in 19 countries, the company develops products to improve fuel economy, reduce emissions and enhance performance. Customers include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors, Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. For more information, please visit www.borgwarner.com.
Huf Hülsbeck & Fürst GmbH & Co. KG, based in Velbert, Germany, is a global automotive supplier in the areas of electronic and mechanical locking systems, car access systems, passive entry systems, door handle systems, driver authorization and tailgate systems. With 5,500 employees worldwide, Huf operates 16 companies in Germany, the USA, Mexico, Brazil, Great Britain, Portugal, Spain, Poland, Romania, China, India, Japan and Korea. For additional information on Huf, please visit www.huf-group.com.
Angle Advisors with offices in the United States, Germany, the United Kingdom, and China, provide mergers and acquisitions, capital raising and debt advisory services to multinational corporations, privately-held companies, private equity funds and public sector clients. For additional information please visit www.angleadvisors.com.