Clearwater advises Sekisui Kasei on the sale of Proseat to Brose Sitech
We have advised Sekisui Kasei Co., Ltd. (Sekisui Kasei), a Japanese-based pioneer in the field of foamed plastics, on the sale of six subsidiaries of Proseat Europe GmbH (Proseat), Europe’s largest independent manufacturer and supplier of interior solutions made of polyurethane foam for the automotive industry, to Brose Sitech Foam GmbH, a wholly owned subsidiary of the automotive components manufacturer Brose Sitech sp. z o.o. (Brose Sitech). The transaction is still subject to certain closing conditions, including a merger-control clearance by the competent authorities. The project was a joint advisory mandate with MUFG Bank, Ltd., a leading Japanese bank institution.
Established in 1959 and headquartered in Osaka, Japan, Sekisui Kasei is a leading provider of plastic solutions, specialising in the manufacture and sale of foamed plastics and related products. Operating through two core segments, human life and industry, the company delivers a diverse portfolio of materials. The human life segment focuses on products for agriculture, fisheries, food packaging, construction, and civil engineering, including Eslen beads, sheets, and moulded products. The industry segment offers advanced materials, including Pioceran, Techpolymer, and Technogel, for automotive, electronics, medical, and industrial applications. Listed on the Tokyo Stock Exchange, Sekisui Kasei leverages its expertise in plastic technology to serve a wide range of industries globally.
As a leading European manufacturer of polyurethane foam technologies and automotive interior solutions, Proseat provides enhanced passenger experiences through innovative comfort, functionality, and safety features. Utilising state-of-the-art technology, Proseat transforms diverse materials into high-quality interior components, including ergonomic headrests, armrests, side bolsters, and lightweight structures. Proseat’s team of engineers and materials experts collaborates closely with prominent global automotive manufacturers and Tier 1 suppliers, offering comprehensive support from initial design to serial production. With its headquarters in Mörfelden-Walldorf, Germany, Proseat operates eight production sites and four sales and customer service centres throughout Europe, employing a dedicated workforce exceeding 2,000 professionals.
As a joint venture between the Volkswagen Group and Brose Group, Brose Sitech develops and manufactures complete seat systems, seat structures, and vehicle components with almost 5,000 employees across Poland, Germany, China, and the Czech Republic. The company works in close cooperation with Volkswagen, Audi, Volkswagen Commercial Vehicles, Skoda, Seat, and Porsche on innovative seats for various vehicle models.
This transaction allows Sekisui Kasei to refocus its resources on its core business strategies and long-term growth objectives. For Proseat, this transition marks a new chapter, offering the opportunity to thrive under an owner equipped to navigate the current market landscape and drive new growth opportunities.
We highly appreciate MUFG’s and Clearwater’s expert guidance throughout the Proseat divestment process. Their deep understanding of the market and strategic counsel were instrumental in achieving a successful outcome. The team’s professionalism and dedication made them an invaluable partner in this transaction. – Katsumi Sasaki, Head of Corporate Strategic Headquarters, Sekisui Kasei
We were delighted to support Sekisui Kasei, a company with a rich history of innovation, on this important strategic divestment. This transaction, a joint effort with MUFG, allowed us to support our Japanese client with a portfolio measure in Europe during a challenging market environment and despite the target’s strained performance. Ultimately, we found a solution with a strategic buyer that enables Sekisui Kasei to streamline operations and focus on its core competencies. We are confident that Proseat will benefit significantly from Brose Sitech’s focused investment and strategic guidance, ensuring its continued success and driving innovation and growth within the European automotive interiors market. – Tobias Schätzmüller, Managing Partner, Clearwater