Starnberg, Germany -Â German private equity fund Arques Industries AG has acquired all the shares in Woco Michelin AVS based in Amsterdam, Netherlands.
The sellers are the companies Woco and Michelin who founded Woco Michelin AVS in 2000 as a joint venture. Woco holds the majority stake in the company. Woco Michelin AVS is an international developer and producer of innovative anti-vibration systems primarily for the automobile industry and most recently generated revenues of more than EUR 250 million. The company is currently slightly in deficit and is being sold within the context of concentrating on core business. The parties agreed not to disclose the purchase price.
"Seven years after the founding of the joint venture, Woco Michelin AVS is a renowned supplier on the anti-vibration system market. In ARQUES, a capable partner has been found who offers the company excellent prospects and will enable Woco Michelin AVS to become a successful international competitor in the foreseeable future", said Olaf Hahn, chairman of the management board of Woco Michelin AVS.
In a statement, Arques said, "Woco Michelin AVS is a primary developer and manufacturer of innovative functional solutions for driving dynamics, comfort and road safety and is represented in Europe, America, Asia and South Africa with 13 branches supporting the local automobile industry. The company's services cover the entire anti-vibration system process chain from the concept to the production line stage.
"The Woco Michelin AVS product range includes chassis components, aggregate storage, exhaust system hangers as well as decoupling elements and mass dampers. Apart from the automobile industry (e.g. Volkswagen, Renault, Peugeot/Citroen, Daimler and Ford), the company's customers include the railway industry and other industrial sectors where oscillation and noise reduction systems are used (e.g. billiard tables). Woco Michelin AVS employs approximately 2,400 employees globally."
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Press release from Arques
Press release (German language) from Arques (auf deutsch)
Website of Woco-Michelin AVS