HEERBRUGG, Switzerland & SINGAPORE--(BUSINESS WIRE)--
The SFS Group announced today that, through its wholly owned subsidiary,
SFS intec, it has entered into a definitive agreement to acquire
Unisteel Technology International Limited ("Unisteel") from a holding
company ("the Seller") owned since 2008 by the management and employees
of Unisteel and an affiliate of Kohlberg Kravis Roberts & Co. L.P.
(together with its affiliates, "KKR").
Established in 1960 and based in Switzerland, SFS intec is a global
leader in the development, manufacture and supply of precision formed
components, engineered fasteners and mechanical fastening systems to
customers across a diverse range of industries including the automotive,
construction, aircraft, electronics, and transportation industries.
Unisteel is an innovation-driven solutions provider and manufacturer of
precision components, with multi-disciplinary competencies in precision
fasteners, stamped components, machining parts, engineered plastics,
optical parts, and surface treatment. With its headquarters based in
Singapore and key manufacturing facilities located in China and
Malaysia, Unisteel serves a wide range of industries including data
storage, mobile applications, and consumer electronics on a global basis.
The newly combined businesses of the SFS Group and Unisteel will employ
more than 7,000 people globally, operate 25 manufacturing facilities
across Europe, Asia and North America, and possess an enhanced range of
production capabilities. Upon completion of the transaction, Unisteel's
current management team will join SFS and retain responsibility for
their global electronics business.
Commenting on the transaction, Heinrich Spoerry, Chairman and CEO of the
SFS Group, said: "Led by a highly experienced management team, Unisteel
is an industry leader in the hard disk drive and mobile sectors, with
longstanding and high quality relationships with leading blue-chip
customers. We are extremely excited about this partnership with
Unisteel, and we look forward to supporting the continued growth of the
Unisteel business as a member of the SFS family."
Helmut Binder, CEO of SFS intec, added: "Unisteel is an excellent
strategic fit for SFS intec. The business will strengthen our
positioning as a supplier of highly engineered fastening solutions, as
well as enable us to become a global player in the fast growing
electronics market. The addition of Unisteel's comprehensive and
world-class Asian operations will transform SFS intec into a business
with a truly global manufacturing platform. We see meaningful
opportunities to generate substantial synergies particularly in the
areas of cross-selling, R&D, technology and manufacturing, and will work
closely with the Unisteel team to achieve these goals."
Bernard Toh, Chairman and CEO of Unisteel, commented: "The acquisition
of Unisteel by SFS intec is a significant step forward for our business.
The Unisteel management team is very excited about our integration into
the SFS Group, which will enable us to extend our customer reach as well
as expand our product portfolio. Over the past four years, we have
benefited from a meaningful partnership with KKR — KKR has brought the
right skills and experience to the business, enabling Unisteel to
rapidly grow and develop into a multinational corporation."
"At the time of the investment, KKR saw the opportunity to partner with
Unisteel's management team to help strengthen their foundational
capabilities in order to make the business more responsive and more
diversified, and therefore better positioned for the future," said Ming
Lu, Member of KKR and Head of Southeast Asia. "With this transaction,
Unisteel now has an excellent platform for further growth as a part of
the SFS Group. We wish Unisteel and the combined enterprise continued
The transaction, which is subject to customary closing conditions, is
expected to be completed in the third quarter of 2012.
Rippledot Capital Advisers acted as lead financial adviser to the
Seller, and Credit Suisse acted as financial adviser to the Seller.
Simpson Thacher & Bartlett and Allen & Gledhill LLP acted as legal
counsels to the Seller. UBS acted as financial adviser to the SFS Group,
and WongPartnership LLP acted as the legal counsel to the SFS Group.
About SFS Group
The SFS Group is a multi-industry group with headquarters in
Switzerland, annual sales revenue of US$1.2 billion in 2011, and more
than 4,100 employees globally. The core businesses are the development,
manufacturing and marketing and sale of engineered precision components,
precision fasteners, application specific fastening solutions and the
distribution of fasteners professional tools and architectural hardware
in Switzerland. SFS serves customers from diverse industries such as
automotive, construction, aircraft, electronics, and transportation.
For more information, please visit www.sfsholding.biz
Unisteel was founded in 1988, listed on the Main Board of the Singapore
Stock Exchange in 2000, and privatised by KKR in 2008. Unisteel is a
leading precision engineering solutions provider with multi-disciplinary
competencies in the areas of fastening systems, stamped, cold forged and
machined metal components, plastics optics, and surface treatment
technology. Unisteel serves a diverse range of customers in the hard
disk drive, mobile telecommunications, consumer electronics, industrial,
and automotive sectors. The Unisteel group has manufacturing facilities
in China and Malaysia.
For more information, please visit www.unisteeltech.com.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with US$61.5 billion in assets under
management as of June 30, 2012. With offices around the world, including
six across the Asia Pacific region, KKR manages assets through a variety
of investment funds and accounts covering multiple asset classes. KKR
seeks to create value by bringing operational expertise to its portfolio
companies and through active oversight and monitoring of its
investments. KKR complements its investment expertise and strengthens
interactions with investors through its client relationships and capital
markets platform. KKR is publicly traded on the New York Stock Exchange
For more information, please visit www.kkr.com.
This release contains certain forward-looking statements.
Forward-looking statements relate to expectations, beliefs, projections,
future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. Without
limiting the foregoing, statements regarding the acquisition of Unisteel
and the resulting combined business may constitute forward-looking
statements. Such statements are subject to the risk that the terms of
such transaction may be modified, the transaction may not be completed
at all or the benefits and synergies from such transactions are not
realized. The forward-looking statements are based on the beliefs,
assumptions and expectations of the parties referenced herein, taking
into account all information currently available to them. These beliefs,
assumptions and expectations can change as a result of many possible
events or factors, not all of which are known to these parties or are
within their control. None of the parties undertakes any obligation to
update any forward-looking statements to reflect circumstances or events
that occur after the date on which such statements were made except as
required by law.
For further information, please contact:
SFS service AG
(for SFS Group)
No.: +41 71 727 51 55
Strategies (for KKR and Unisteel)
Strategies Asia (Hong Kong)
Contact No.: +852 2894 6313
Hill+Knowlton Strategies Asia (Singapore)
+65 6390 3354
Hill+Knowlton Strategies Asia (Singapore)
+65 6390 3362
Source: Kohlberg Kravis Roberts & Co. L.P.
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