Jet Investment agrees to dispose of BENET AUTOMOTIVE from its Jet 1 investment fund
(Brno, 4 July) The Czech investment company Jet Investment has agreed to dispose of 100% ownership in the company BENET AUTOMOTIVE to the Japan-based multinational company Teijin Limited, a world leader in the development, manufacturing and sales of technologically advanced materials and products. The terms of the agreement are not being disclosed.
The sale marks a further successful divestment for the Jet 1 portfolio following last year’s sales of the companies LESS & TIMBER and KORDÁRNA Plus.
“The sale of BENET to a strategic partner brings a rather quick exit from our investment into the project within less than two years. While it was in our hands, we initiated a transformation of the company to prepare it organizationally for future growth in satisfying the robust demand in the market for BENET’s products. Among other things, we succeeded in accelerating synergistic effects with the firm Fiberpreg, which also is in our portfolio,” relates Jan Sklenář, project director at Jet Investment. Jet Investment Partner Marek Malík adds: “We accepted the offer from Teijin, primarily because under its management BENET will be a part of one of the world’s most important global players in high-tech products for the automotive sector. We firmly believe that the steps we have undertaken, coupled with the consolidation of Teijin products’ portfolio, primarily its structural components domain, will help BENET to rise into a top position within the market’s segment.”
Based in Mladá Boleslav, Czech Republic, BENET AUTOMOTIVE, s.r.o. is a producer of lightweight, resilient and highly designed exterior components for the automotive industry. It has three factories in the Czech Republic and one in Germany. Its main customers are especially car manufacturers from the VW Group, particularly Škoda Auto and Audi, as well as BMW and Daimler. In addition to producing technologically advanced plastic components reinforced with carbon or glass fibres and polyurethane parts, BENET also works in their pre-series development, assembly of painted components for new cars, and prototype production. The company presently has approximately 720 employees and made sales last year of 35.2 million euro. Precisely because of its strong know-how and excellent position on the European market, BENET provides an ideal fit for Teijin, which wants to substantially broaden its business in the area of composite automotive components.
Teijin is a global group of 170 enterprises across 20 countries, employing around 20,000 employees and operating in the areas of high-performance fibres (e.g. aramid, carbon and their composites), healthcare, film, resin, plastic, polyester fibres and IT. Teijin's consolidated revenue was $ 8.1 billion last year. Teijin plans to strengthen its position in the European automotive markets – in addition to BENET, it acquired the Portuguese Inapal last year and is also planning to install a production line in the French plant of Continental Structural Plastics, the North American mother of which it has owned since 2017.
Duff & Phelps, based in Frankfurt am Main, provided M&A advisory work for the transaction, while DRV Legal, based in Brno, was the legal advisor for the transaction on behalf of the seller.