InterChina Partners, one of the leading investment banking advisory firms based in China, is pleased to announce that it has advised Cikautxo S.COOP to divest 100% of its China subsidiary, Cikautxo Rubber & Plastic Components (Kunshan) Co., Ltd., (“Cikautxo China”) to Mutares SE & Co. KGaA (“Mutares”). Both parties entered a definitive agreement on 4th June, 2024 and the transaction was successfully closed on 14th June, 2024.
Cikautxo S.COOP, established in 1972 in Spain, specializes in the development and production of rubber and plastic components for a variety of different applications. Cikautxo group has approximately 3,000 employees, presence in 8 countries, and revenue of about Euro 315 million.
Cikautxo China, established in 2011, is a specialist in developing and producing rubber and plastic components for the automotive and household appliance industry and operates from Kunshan, Jiangsu province. Its product range includes fluid-conducting, vibration-damping and sealing components, door seals, and inlet and outlet bellows for washing machines, which it supplies to a wide range of customers.
Mutares, established in 2008 in Germany, is an international listed private equity investor focused on special situations. As of 31 December 2023, the portfolio of the group contains 30 operating investments or investment groups, which are divided into the 4 segments of Automotive & Mobility, Engineering & Technology, Goods & Services and Retail & Food. Mutares has approximately 27,000 employees and revenue of about Euro 4.7 billion.
After this transaction, Cikautxo China will join the SFC Group, part of Amaneos, as a new add-on investment, strengthening the group’s presence in the market as global partner for plastic-based systems for the automotive industry and the Automotive & Mobility segment of Mutares.
“The divestiture of our China business aligns with our ongoing strategy to optimize our manufacturing network, to improve efficiency, provide greater flexibility in allocating resources, drive continued value for our shareholders. We are confident our resources can be better prioritized to other areas of our group to offer greater growth, higher returns, and cash flow,” says Iñigo Laskurain, CEO of Cikautxo S.COOP.
“Cikautxo is a long-term client of InterChina and we are delighted with the support received for the divestiture of our China business. This transaction demonstrates InterChina’s extensive experience and capability of helping multinational companies to carve out their assets in China.” said Mr. Borgonjon, President of InterChina.
InterChina’s deal team was led by Jan Borgonjon, President and Delia Zhang, Partner. Other team members include Sissi Guo, Frank Lee and Ziwen Yin.
InterChina served as Cikautxo’s exclusive advisor and provided comprehensive transaction advice, including full sell-side services, investor search, deal origination, valuation evaluation, due diligence coordination, negotiation of key terms and definitive agreements, transaction process management, and support for the closing process.