EVANA AUTOMATION HAS BEEN ACQUIRED BY PREH IMA AUTOMATION GMBH
Birmingham, Michigan – May 5, 2016 – Angle Advisors is pleased to announce that Preh Group’s (“Preh Group”) subsidiary Preh IMA Automation GmbH (“PIA”) has acquired Evana Tool & Engineering, Inc. (“Evana” or the “Company”), a subsidiary of Phillips Service Industries, Inc. (“PSI”).Angle Advisors acted as the exclusive investment banking advisor to Evana and PSI in completing this transaction.
Based in Evansville, IN, Evana is a cutting edge, full service turnkey provider of automation solutions and systems integration to the automotive, healthcare, and industrial end markets. Featuring an integrated, full-service business model, the Company is capable of performing numerous functions in-house from proprietary design/engineering and production to installation and service. Evana is comprised of approximately 100 high skilled and technical employees.
The acquisition of Evana by PIA will augment Preh’s European and Asian footprint by establishing a presence in North America. “For our automation business, the partnership with Evana Automation is an optimal extension and reinforcement”, says Preh Group CEO, Christoph Hummel. “The new location in the state of Indiana closes our strategic gap in the automation business in North America and at the same time strengthens our market positioning in Europe and Asia because the Evana know-how which was acquired over 50 years will also be of interest to our existing customers in the established markets. With the support of our Chinese partner Joyson we will develop PIA into an important global player in the automation industry.”
PIA Managing Director Günter Brosch commented, “We are looking forward very much to the cooperation with the colleagues from Evansville. PIA and Evana are active in similar market segments, and we speak one ‘language’ at the technical level. Our different regional focus areas – PIA in Europe and China, Evana in North America – mean that we supplement each other perfectly in terms of market access. Together, we will write a successful international growth story in the automation business and already cross the magical €100 million threshold in the current financial year.”
Randy Wire, General Manager of Evana said, "We could not have been more impressed with Angle Advisors. In addition to bringing world-class strategic buyers from the U.S., Europe, and Asia, Angle’s deep knowledge of the automation industry and professionalism resulted in a smooth and highly confidential process. We are thrilled with our new partner and could not have done it without Angle’s persistence, excellent advice, and hard work."
Joyson Investment Holding Co., Ltd, Ningbo (China) has three divisions including Automotive Supply, Automation, and Real Estate, and employs a staff of 8,000 employees worldwide. The Joyson Group was formed in 2004 by Jeff Wang. Joyson has combined its automotive and automation activities in the stock corporation Joyson Electronics, Ningbo/China (600699: Shanghai). Within Joyson Electronics, Preh represents the corporate divisions Automotive Electronics and Automation, while the companies Joyson Automotive and QUIN form the corporate unit Automotive Components. As a global automotive supplier and automation specialist with a tradition of almost 100 years, Preh GmbH achieved turnover of more than €760 million with 4,900 employees in 2015. For additional information, please visit www.preh.com.
Preh GmbH has extended its automation business to Preh IMA Automation. PIA develops, plans and constructs flexible and high-performing assembly and manufacturing lines for companies in the fields of automotive supply, electrical technology, consumer goods, medical technology, renewable energies and cosmetics. The performance range extends from assembly workplaces to fully automated production systems with integrated test engineering and data documentation. In 2015, PIA achieved turnover of around €92 million with a staff of 500 employees. For additional information, please visit www.preh-ima.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions and capital raising with a particular emphasis on the vehicular and industrial sectors. The firm's professionals have completed 154 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.