Sun Hydraulics (SNHY) To Acquire Faster Group For $531M
Zacks Investment Research | Feb 19, 2018 09:15PM ET
Sun Hydraulics Corporation (NASDAQ:SNHY) yesterday announced that it has signed an agreement with Capvis Equity IV LP to acquire Milan, Italy-based Faster Group from the latter. The transaction value is estimated at €430 million or roughly $531 million in cash.
Faster Group specializes in manufacturing quick-release couplings, especially those for hydraulics. Its products are mainly used by customers in the general industrial, agriculture and construction end markets. It carries its manufacturing operations with over 475 employees in Italy, Ohio and India and has sales offices in China, Brazil and Germany.
In 2017, Faster Group generated approximately €105 million or $130 million revenues and had adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 27.5%. Revenues are projected to grow 16-16.5% year over year in 2018, while EBITDA margin is likely to be flat.
In the last six months, Sun Hydraulics’ shares have increased 19.5%, outperforming 17.1% gain recorded by the Original post
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