DGAP-News: Correction of a release from 23.11.2016, 08:55 CET/CEST - BAVARIA Industries Group AG sells TriStone Flowtech S.A.S. for a total consideration of EUR 170 million

BAVARIA Industries Group AG sells TriStone Flowtech S.A.S. for a total consideration of EUR 170 million

* BAVARIA Industries Group AG has signed an agreement for the sale of TriStone Flowtech Group;
* Acquirer is Zhongding Group;
* The closing is subject to antitrust and Chinese regulatory approvals.

BAVARIA Industries Group AG ('BAVARIA') acquired TriStone Flowtech Group ('TriStone') in May 2010 and led a successful turnaround of the business. Based in Frankfurt, the automotive supplier group has 2,800 employees with ten production plants in Europe, NAFTA, China and India and expects a turnover of almost EUR 250 million in 2016. The consideration to be paid at closing is EUR 170 million. 'TriStone has a strong order back-log and will continue to grow strongly in the future. The transaction should also provide an attractive return for Zhongding', according to Reimar Scholz, Chief Executive Officer of the BAVARIA Industries Group AG.

During its period of ownership, the BAVARIA Group nearly doubled its sales from EUR 130 million and increased the EBITDA margin from 2% to 11%. 'With its global network and significant capital reserves, Zhongding is well-positioned to support the international expansion of TriStone especially in its fluid motor and battery cooling business', according to Günter Frölich, Chief Executive Officer of TriStone.

The Zhongding Group is a leading Chinese automotive supplier with turnover of over EUR 1.7 billion. The company's takeover of TriStone is the second transaction with BAVARIA.

William Blair and Allen & Overy acted as financial and legal advisor to BAVARIA Industries Group AG in the transaction.

BAVARIA Industries Group AG owns nine European companies with around 5,800 employees. The Munich-based industrial holding company is majority-family-owned and follows a long-term investment strategy.

We would be pleased to answer any further questions you may have:

BAVARIA Industries Group AG
Reimar Scholz
Bavariaring 24
80336 Munich

Tel.: + 49 - (0)89/ 72 98 967-0
Fax: + 49 - (0)89/ 72 98 967-10
Email: [email protected]