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Sun Hydraulics agrees to acquire Enovation Controls

November 15, 2016 By Mike Santora

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Sun Hydraulics Corporation has entered into an agreement with Enovation Controls, LLC, an Oklahoma-based and privately held provider of electronic control, display and instrumentation solutions, to acquire its Power Controls (PC) and Vehicle Technologies (VT) lines of business. The acquisition is expected to close in 30 days, subject to regulatory approval and other customary closing conditions.

Key Transaction Highlights:

Acquisition value at initial consideration of $200M and additional earn-out potential of $50M over 27 months
Expected to be immediately accretive to Sun’s 2017 earnings per share by $0.25 – $0.35
Funded with cash on hand and cash available under Sun’s revolving credit facility
Tax step-up basis benefit estimated at $35+M of value
Annual profit synergies of $5M expected by 2020

Sun will maintain Enovation Controls as a separate standalone company. The PC business will continue to pro-vide electronic control systems, displays and customized instrumentation panels for power units, generator sets, off-highway equipment, and engine and pump instrumentation. The company’s VT business will continue to provide electronic controls and infotainment solu-tions, solving complex problems in the recreational and off-highway vehicle and marine markets.

The acquired company will consist of approximately 300 employees located around the globe in the United States, England, Germany, India and China. Enovation Controls’ two other lines of business, Natural Gas Production Controls and Engine Controls and Fuel Sys-tems, will operate as a newly formed company not owned by Sun.

Sun Hydraulics
www.SunHydraulics.com

Filed Under: Industry News, Uncategorized Tagged With: sunhydraulics

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