Billionaire Chengs’ NWS, Unitas Are Said to Revive Hyva Sale
(Bloomberg) -- The owners of Hyva Holding BV are reviving a sale of the Dutch maker of cranes and hydraulics that could value the business at about $700 million, people with knowledge of the matter said.
NWS Holdings Ltd., the infrastructure arm of New World Development Co. controlled by Hong Kong’s billionaire Cheng family, and Asian buyout firm Unitas Capital are working with advisers on the potential disposal, the people said, asking not to be identified because the matter is private.
Preliminary marketing materials have been sent to prospective buyers including Hyva’s industry peers as well as investment funds, the people said.
This would mark at least the second attempt to sell the business by its current owners. In 2018, the firms weighed a sale process to seek more than $1 billion for Hyva, people familiar with the matter said at the time.
Deliberations are at an early stage and the owners of Hyva could still decide to retain the asset, said the people. Representatives for NWS and Unitas did not immediately respond to requests for comment.
Founded in 1979, Hyva operates in over 110 countries and serves more than 20,000 customers, according to its website. It has manufacturing facilities in Brazil, China, Germany, India and Italy, and its products are used in industries including construction, mining and waste handling.
The company in February named Alex Tan as chief executive officer and said in a statement that his tenure would begin March 1. A 21-year veteran of the company, Tan was previously head of Hyva Asia and in charge of the firm’s global waste management business.
NWS and Unitas bought 70% of Hyva from 3i Group Plc in a 525 million-euro ($618 million) deal that completed in 2011.
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