Private equity firms Apogee Global and EiM Capital have agreed to a joint acquisition of the European hydraulics business of US manufacturer Dana Incorporated (formerly Brevini Fluid Power), which they intend to combine with HPI, a French producer of hydraulic components.
Dana’s Italy-based hydraulics business employs around 500 employees and reported a consolidated revenue of around €110m last year, operating in Italy, France and Germany. HPI was previously part of the Toyota Group and operates in France and Canada. According to a press release, the combined business will expand to 700 employees.
In a statement, Filippo Aleotti and Filippo Sciorilli Borrelli, Founding Partners at Apogee, said: “The carve-out of Dana’s European hydraulics business combined with HPI creates a relevant player not only in Europe but also globally.
“It also paves the way for consolidation within the industry, of particular relevance in such a turbulent economic environment.”
Luigi Chiaraviglio and Renaud Delaage, Founding Partners at EiM Capital, added: “The integration between Dana’s European hydraulics business and HPI will allow both companies to achieve a better industrial footprint and synergies, with a view of creating a new niche leader in specialist applications.”
The transaction is expected to be completed in H1 2024, subject to regulatory approvals and customary closing conditions.
