新闻稿和报导
March 11, 2008
CCMP CAPITAL ASIA COMPLETES THE SALE OF MANDO CORPORATION
CCMP CAPITAL ASIA COMPLETES THE SALE OF MANDO CORPORATION
Amsterdam, March 11, 2008 - Sun Sage B.V. (“Sun Sage”), an investment company majority owned by private equity funds advised by CCMP Capital Asia Pte Ltd (“CCMP Asia”), announced today that it has completed the sale of its entire 72.4% stake in Mando Corporation (“Mando” or the “Company”) to a consortium led by Halla Engineering & Construction Corporation (“Buyer”). Management shareholders participated together with Sun Sage, selling their 9.7% stake in the Company to the Buyer.
Sun Sage originally acquired Mando in December 1999. This transaction values Mando at an enterprise value of approximately US$1.43 billion. Mando is a global Tier-1 chassis systems supplier, with customers such as GM, Chrysler and Ford in the U.S., Suzuki in Japan, Autovaz in Russia and a broad customer base in the emerging market of China. On the domestic front, Mando has continued to support its major customer, Hyundai Motor Group, with its rapid expansion in the U.S., China, India, and Europe.
“Mando has been a very successful investment for us and we are proud of the fact that, in our over eight years of ownership, we have been able to add significant value to the business and transform Mando from a Korean domestic-oriented supplier to what is now a global, leading Tier-1 auto parts supplier. Mando’s revenues have more than doubled under our ownership and they now count most major global OEM’s as customers”, said a spokesperson for CCMP Asia.
About CCMP Asia:
CCMP Asia is one of the most experienced buyout firms in Asia, with US$2.7 billion in capital commitments under management. Since its launch in May 1999, CCMP Asia has advised on total investment commitments of approximately US$2.3 billion in 27 companies with total transaction value of over US$14 billion. The commitments are spread across Asia in CCMP Asia’s focus markets of Greater China (including China, Hong Kong, and Taiwan), Australia and New Zealand, Japan, Southeast Asia, and Korea. CCMP Asia’s core strategy is to target control investments in market leading companies with strong cash generative business models, high barriers to entry, and differentiating capabilities or products. In particular, the firm focuses on companies where it is able to utilize its operationally driven business model to create value and drive returns.
About Mando:
Mando is a globally competitive chassis systems supplier based in Korea. The Company produces critical automotive parts and systems principally for dynamic control applications within light vehicles including (1) brakes which controls vehicle motion, (2) steering which controls vehicle direction, and (3) suspension which regulates body roll and bounce. These three application areas are critical for safety, handling, and comfort.
Mando’s three principal manufacturing facilities in Korea — Pyeongtaek, Wonju, and Iksan plants — manufacture brake, steering, and suspension products, respectively. In recent years, the Company has significantly expanded its manufacturing, engineering, and R&D presence outside of Korea, particularly in China, the United States, and India, to address increasing customer orders from these new markets.
For the fiscal year ended December 31, 2007, the Company recorded total consolidated revenue of over KRW2,200 billion and an operating EBITDA of KRW260 billion.
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Enquiries:
CCMP Capital Asia Pte Ltd
Gavin Anderson & Company
Richard Barton/Joshua Goldman-Brown
Tel: +852 2523 7189