Trustar Capital has made an investment in Intramco, a Dutch provider of electric vehicles-charging components. No financial terms were disclosed.
(18 October, Shanghai) Trustar Capital (formerly known as CITIC Capital Partners, a private equity affiliate of CITIC Capital Holdings Limited) is pleased to announce that it has completed the strategic investment via its fourth China buyout fund in Intramco Europe B.V. (“The Company” or “Intramco”), a pioneer in the Electric Vehicles (EV) charging component market.
Headquartered in Almere, Netherlands, Intramco was founded in 1994 with key products covering a full range of EV charging cables, plugs and charging station components. Its customized and high-quality products have obtained certifications in many markets. Intramco serves well-known OEM and charging station customers with its established sales network in Europe. Backed by strong R&D and production capabilities, its pandemic-resilient business has been able to grow significantly through COVID-19. In 2009 Intramco set up its China production facility, Consolida Shanghai Auto Technology in Shanghai (“Consolida”), to fully leverage its China’s manufacturing and R&D capabilities.
The Global EV industry is developing rapidly thanks to favorable policies and strong sustainability ambitions from global leading auto OEMs. The European Union for instance has proposed a 55% cut in CO2 emissions from automobiles by 2030. Major auto OEMs have set up goals to transform to EVs, and has been bringing great development opportunities to upstream enterprises. According to data by IHS, new electric car registrations has more than doubled in 2020, reaching 1.4 million.
Wim RIJNHOLT, Founder & Managing Director of Intramco & Consolida, said: “OEM businesses are built on trust and quality assurance and we are proud that our customized, high-quality products have won customers’ loyalty and trust throughout the years and enhanced our core competitiveness. We will continue to enrich our product line and improve our R&D capabilities, grow our sales force and expand customers in different regions. Trustar Capital with its global experience and resources is an ideal partner for Intramco in our next phase of growth as we have a shared vision and strategy. We look forward to driving Intramco’s value creation initiatives over the next few years with them.”
Derek WANG, Senior Managing Director of Trustar Capital, commented: “We are excited for our strategic partnership with Intramco. We are optimistic about the prospects of global EV sector and believe in the company’s superior capabilities in the EV supply chain. Chinese economy has proven to be resilient with solid growth and its manufacturing and supply chain capabilities have gone through rigorous tests of COVID-19. We believe that the further development of Consolida will help build a solid foundation for Intramco’s future. We will work closely with the founders of Intramco to drive the company to become a leading global EV value chain supplier by enhancing their R&D capabilities, accelerating their growth in the global markets, and seeking additional M&As to enhance the company's scale.”
In recent years, China has actively introduced policies to support the development of the new energy automobile industry. Data show that China's new energy vehicle production and sales have consistently ranked first in the world for six consecutive years, and market penetration rate reaching 11.6% in average from January to September this year. " Technology Roadmap for Energy-saving and New Energy Vehicle 2.0" sets out the goal for 2035 to keep carbon emissions level of the automotive industry 20% below the peak, and that new energy vehicles to account for 50% of the total sales of new vehicles. As China is moving towards its "dual carbon" strategic goal, new energy vehicles will unleash more energy and make bigger influence.
The rich resources of Trustar Capital in China will help Intramco in expanding the domestic market in the future. This investment is another important contribution of Trustar Capital in the ESG (Social, Environmental and Governance) field. By helping the high-quality development of the new energy industry, we will continue to work with our portfolio companies to effectively respond to the call on carbon strategy and actively create positive social impact.
Latham & Watkins, Han Kun and NautaDutilh are legal advisors of the deal, while KPMG acts as financial advisor.
Headquartered in Almere, Netherlands, Intramco was founded in 1994. In 2009 Intramco set up its China production facility, Consolida Shanghai Auto Technology in Shanghai (“Consolida”) with strong R&D and production capabilities. Intramco has developed key products including a full range of EV charging cables, plugs and charging station components. Its customized and high-quality products have obtained certificates in many markets. Intramco serves well-known OEM and charging station customers with established sales network in Europe. For more information, please visit https://intramco.com/ and https://consolida.com.cn/.