Deloitte acted as exclusive financial advisor to Toyoda Gosei on the divestment of Meteor to AEQUITA and PRETTL Group

Deloitte acted as exclusive financial advisor to Toyoda Gosei Co., Ltd. (“TG”) on the divestment of Meteor GmbH (“Meteor”), a German manufacturer of rubber sealing systems, to the Munich-based family office AEQUITA and its strategic partner PRETTL Group from Pfullingen.

About the transaction

The Deloitte Corporate Finance Advisory team in Frankfurt/ Main, led by Claudius Thiell together with Michael Caspers, Tomokazu Ikezawa and Katharina Kober, has successfully advised TG on the disposal of Meteor to AEQUITA and PRETTL Group. The divestment included Meteor’s U.S. subsidiary Meteor Sealing Systems (“MSS) in Dover, Ohio, as well as Meteor’s 45% stake in the U.S. joint venture LMI Custom Mixing Int. LLC (“LMI”).

Meteor is headquartered in Bockenem, Germany. The company produces highly complex sealing systems for the automotive and non-automotive industry using rubber and elastomer compounds. Areas of application include cars, rail and air transport, construction as well as electrical and home appliances. Meteor’s customers are automotive OEMs and tier-one suppliers as well as technical companies. The company has 1,200 employees at its two German sites in Bockenem and Worbis and 350 employees at its U.S. subsidiary, generating a revenue of approx. EUR 130m in the fiscal year 2018/ 2019.

Deloitte demonstrated first-class cross-border execution capabilities throughout this complex, time-critical transaction. The German and Japanese Deloitte Corporate Finance Advisory teams jointly supported TG by setting up a structured, international auction process. Deloitte’s in-depth industry expertise as well as its fully integrated service portfolio, including Transaction Services, Legal, Tax and Restructuring Advisory in Germany, Japan and the U.S., maintained momentum throughout the entire sales process and ensured a smooth, efficient and successful cross-border transaction.

“Based on the joint experience in turnaround management and automotive supply, Meteor Group has found new owners whose expertise make it the right partner to lead the company into a sustainably bright future,” Naoki Miyazaki, President of TG, explains.

Dr. Axel Geuer, founder of AEQUITA, comments “The company has an excellent research and development department. We want to expand its leadership in technology in the area of highly complex sealing systems.”

The transaction was closed on December 30, 2019.

About the client

Toyoda Gosei is a Japanese manufacturer of automotive components and LEDs. The company was spun off from Toyota Motor Industry in 1949 and operates 64 group companies in 17 countries and regions today. Toyoda Gosei has approx. 40,000 employees across all locations and generated revenues of c. EUR 7.1 bn in the fiscal year 2018/ 2019. The company belongs to the Toyota Group.

About Deloitte – Corporate Finance Advisory

As leading independent M&A advisors, we provide M&A deal execution and financial advisory services to large and mid-market corporations as well as to private equity firms globally. We offer financial advice and insight at every stage of a transaction – from consideration of strategic options to transaction execution, be it an IPO, acquisition or divestment, restructuring or fast track disposal. We pride ourselves in our independent advice to our clients.

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