Beijing Hainachuan Automotive Parts Co Ltd (Hainachuan) will acquire 100 percent of the stock of the Netherlands’ Inalfa Roof Systems Group (IRS), China Business News reported Friday, citing an internal announcement from the Netherlands company’s China office.
Beijing Automotive Industry Holding Co Ltd (owner of Beijing Automotive Industry Corporation (BAIC) which is the owner of Beijing Auto), which holds a 60 percent share in Hainachuan, will keep IRS’s management team and its headquarters in the Netherlands, the newspaper reported.
Hainachuan and IRS, which makes automobile sunroofs, signed the stock transfer agreement on April 16. The companies expect to complete the stock transfer in June following government approval, which might take six to eight weeks, the report said.
Hainachuan is a joint venture of Beijing Automotive Industry Holding Co Ltd and Beijing Industrial Development Investment Management Co Ltd.
Press release by IRS:
Inalfa shares sold to BHAP
Inalfa is one of the world’s largest suppliers of vehicle roof systems. The company designs, develops and manufactures sunroofs and open-roof systems for the leading car manufacturers around the globe, including BMW Group, Daimler, Chrysler Group, Ford Motor Company, General Motors, Volkswagen, Audi, Volvo, Citroën, Chery, Geely, Hyundai Kia, Land Rover, Rolls Royce, Renault, Nissan and many others. Inalfa combines its outstanding best-in-class engineering capabilities and a global footprint, with facilities in Europe, USA, South Korea, China, Brazil, Mexico and Japan, to benefit its customers.
This transaction is a landmark for Inalfa, emerging as a clear market leader following years of investment in innovation and global presence, as well as for AAC Capital Partners, concluding a fruitful strategic cooperation with Inalfa’s management team.
Marcel Schabos, CEO of Inalfa, says:
“I am grateful to all at Inalfa and AAC Capital Partners for their contribution and support over the past years helping to transform the company into what it is now – a healthy, market-leading innovator in vehicle roof systems. I am confident that with this new step in Inalfa’s evolution we will continue delivering state-of-the-art products to our clients and be able to take advantage of the considerable growth opportunities in Asia”.
Marc Staal, Managing Partner of AAC Capital Partners in the Benelux, adds:
“We are proud to have supported Inalfa and its outstanding management team. Having invested significantly in innovation, we are confident that the company will continue building on its key strengths of advanced technology, best-in-class engineering capabilities, product integrity and customer relations.”
BHAP is one of the leading automotive parts manufacturers in China. As part of BHAP’s international strategy to expand to the global automotive parts market, the strategic acquisition of Inalfa will further diversify BHAP’s product portfolio, strengthen its R&D and marketing capabilities as well as its competitiveness. BHAP’s management is confident that after this acquisition, Inalfa will grow even more rapidly with improving market share and financial profitability.
The transaction needs to be approved by the National Development and Reform Commission of the People’s Republic of China and is subject to antitrust clearance.
Lincoln International is acting as financial advisor to the shareholders of Inalfa and De Brauw Blackstone Westbroek is acting as their legal advisor.