Unitas Capital to Buy Hyva from PE Firm 3i Group

Private equity firm Unitas Capital will pay an undisclosed amount for Dutch pump maker Hyva, providing an exit for Hyva’s current owner, 3i Group, Reuters reported. Though terms of the deal were not released, previous valuations have estimated the deal at roughly $830 million, Reuters said. Hyva makes hydraulic components for industrial machinery, and generates the majority of its sales from China and India. Unitas Capital has offices in Hong Kong, Melbourne, Seoul and Shanghai.

(Reuters) – Private equity firm Unitas Capital has agreed to buy 3i Group Plc’s (III.L) Dutch pump manufacturer Hyva, a source with direct knowledge of the matter said on Wednesday.

Financial terms of the unique deal — which sees an Asia-focused fund buying a European asset — were not immediately available. Previous valuations estimated the deal could reach $830 million.

Hyva makes hydraulic components for heavy industrial machinery, and generates most of its sales from China and India.

At least two other firms, Bain Capital LLC and Permira [PERM.UL], put in first-round bids on the Oct. 25 deadline for the Hyva auction, Thomson Reuters publication Basis Point previously quoted banking sources as saying.

Unitas is expected to relocate Hyva’s headquarters to Asia to take advantage of strong regional sales, Unitas Chief Executive Andrew Liu said November.

Unitas’ bid is backed by loan financing from Bank of America Merrill Lynch (BAC.N), Goldman Sachs (GS.N), Nomura (8604.T) and Standard Chartered Bank (STAN.L), said another source with direct knowledge of the matter.

Both sources were not authorised to speak publicly about the matter and declined to be named.

Unitas was not immediately available for comment.

By Michael Flaherty and Stephen Aldred
(Editing by Jon Loades-Carter)