SKF Group has announced they have signed an agreement to acquire German-based ship components provider Blohm + Voss Industries (BVI) from Star Capital Partners. SKF will pay EUR 80 Mln for 100% of the equity of BVI and assumes net loans/cash of EUR 18 Mln . The transaction is subject to relevant regulatory approvals.
The acquisition is in line with SKF’s strategy to further position itself as the preferred application development partner offering a full asset life cycle management approach for marine solutions.
Blohm + Voss Industries is a leading manufacturer of, and service provider for, premium quality equipment for critical marine applications, including shaft components (seals and bearings), stabilizers, and oily water separators. The company has around 400 employees and originates from the Blohm + Voss shipyard, which was founded in 1877. Sales for 2011/2012 were around EUR 100 Mln with an operating margin in line with the SKF Group.
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Press Release, January 9, 2013