EQS-Adhoc: JOST Werke SE: JOST enters into exclusivity agreement to acquire Hyva

JOST enters into exclusivity agreement to acquire Hyva

Neu-Isenburg, September 16, 2024. JOST Werke SE ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, today entered into an exclusivity agreement with Unitas Capital Pte. Ltd. and NWS Holdings Limited, with a view to finalizing the terms of a transaction in relation to the purchase of all the shares in Hyva III B.V., including its direct and indirect subsidiaries worldwide (“Hyva”). JOST is confident that a definitive agreement will be signed in the fourth quarter of 2024.

Founded in 1979, and headquartered in the Netherlands, Hyva is a leading supplier of hydraulic solutions for the commercial vehicle industries. With a global market share of more than 40%, Hyva is the market leader for front-end tipping cylinders worldwide. Hyva’s global manufacturing footprint encompasses 14 production facilities across China, India, Brazil and Europe, servicing the transport, agriculture, construction, mining and environmental industries.

JOST is convinced that the acquisition of Hyva will unlock further potential for profitable growth. Hyva’s strong brand will enable JOST to replicate its successful push-and-pull sales strategy. Hyva’s broad product portfolio and wide customer network of blue-chip OEMs, body builders, dealers and end-users will complement and expand JOST’s offerings and will strengthen the group’s position as a global supplier for the commercial vehicle industry.

In the last twelve months, ended June 30, 2024, Hyva generated sales of about EUR 624 million, a gross profit margin of 23.4% and an adj. EBIT of EUR 41 million. JOST is targeting a synergy potential of more than EUR 20 million p.a. and expects the acquisition to be accretive. Through a combination of both businesses as well as the realization of the identified synergies, Hyva’s profitability is expected to match JOST’s strategic adj. EBIT margin corridor (10.0% to 12.0%) two years after closing.

The transaction will be financed through a combination of cash, drawdowns from currently undrawn credit facilities as well as via debt acquisition financing. No equity capital increase is contemplated nor necessary in order to finance the transaction.

Based on pro-forma LTM figures as of June 30, 2024, the combined pro-forma group leverage (net debt to LTM adjusted EBITDA excl. IFRS 16) is expected to remain below 2.5x adj. EBITDA post transaction.

Contact:

JOST Werke SE
Romy Acosta
Head of Investor Relations
T: +49 6102 295-379
romy.acosta@jost-world.com