BHR and AVIC Auto have closed their buy of Henniges Automotive. The deal was valued at around $600 million. BHR, a Sino-U.S. investment firm, owns 49 percent while AVIC has 51 percent of Henniges. Auburn Hills, Michigan-based Henniges designs, makes and sells highly engineered vehicle systems for doors, windows, trunks, lift-gates, sunroofs and hoods. Littlejohn & Co. announced the sale Sept. 9.
DETROIT, Sept. 15, 2015 /PRNewswire/ — BHR is delighted to announce the closing of its acquisition, alongside its joint venture partner AVIC Auto, of Henniges Automotive, the world’s leading designer and manufacturer of sealing and anti-vibration solutions for high-end automobiles, on September 8, 2015. The transaction, valued at around US$600 million, is structured as a joint acquisition by BHR (49%) and AVIC Auto (51%). BHR’s investment in the joint venture is funded by its institutional LPs. BHR is confident in the potential for the growth of Henniges under the continued management of its current team with the new backing of AVIC Auto and BHR, who bring on board industrial expertise, as well as marketing and financial resources.
BHR, with offices in Beijing, Shanghai, Hong Kong and New York, is a Sino-U.S. investment firm engaged in cross border, SOE reform, and alternative, investments. Officially launched in 2013 as the cross-border investment platform of Bohai Industrial Investment Fund (the first RMB private equity fund approved by State Council), BHR’s set of international stakeholders reflects the financial prowess ofChina’s largest financial institutions including Bank of China International, Bohai Industrial Investment Fund, China Development Bank Capital (the investment arm of China Development Bank), Ample Harvest (the alternative investment platform of Shanghai Harvest Fund, one of China’s largest mutual funds), and the networks and cross-border excellence of RSB, LLC, a U.S. based boutique investment platform, and Thornton Group LLC, an advisory firm.
Since its inception, BHR’s unique international composition, financial resources, cross-border knowledge and investment philosophy have been warmly received by Chinese and foreign investors alike. Its cross-border team of veteran professionals has been successfully advising and co-investing with China’s leading industrial conglomerates. BHR seeks technologically innovative and financially robust overseas targets in the high-end manufacturing, healthcare, financial services and environmental technology sectors, as illustrated by this recent acquisition of Henniges Automotive alongside AVIC Auto.