BDA advises General Bearing on sale to SKF

Business Development Asia LLC (“BDA”) is pleased to report that its client, General Bearing Corporation has completed its sale to Swedish ball-bearing manufacturer SKF AB. Under the terms of the transaction General Bearing was acquired by SKF for a purchase price of US$28 per share. This represents an aggregate enterprise value of US$125 million, net of contractual adjustments and the satisfaction of certain obligations and liabilities of the company.

Headquartered in West Nyack, NY, General Bearing is a leading manufacturer of ball bearings, tapered roller bearings, spherical roller bearings, cylindrical roller bearings, and bearing components. Under “The General” and “Hyatt” trademarks, the company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket. The company employs 1,750 people in the U.S. and China. General Bearing will continue to operate as an independent subsidiary within the SKF Group, continuing to provide customers with products under the existing “The General” and “Hyatt” brands.

BDA acted as joint advisor to General Bearing together with Boenning & Scattergood, Inc. Loeb & Loeb LLP acted as legal advisors to General Bearing.

Headquartered in West Nyack, NY, General Bearing is a leading manufacturer of ball bearings, tapered roller bearings, spherical roller bearings, cylindrical roller bearings, and bearing components. Under “The General” and “Hyatt” trademarks, the company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket. During 2011, General Bearing’s expected sales were around $155 million, and the company employs 1,750 people in the U.S. and China. General Bearing will continue to operate as an independent subsidiary within the SKF Group, continuing to provide customers with products under the existing “The General” and “Hyatt” brands.

About SKF

SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2011 were SEK 66,216 million and the number of employees was 46,039. For Further information, please see www.skf.com.

About BDA

Business Development Asia LLC (“BDA”) is a leader in cross-border investment banking. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996, and has built a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe and Asia. BDA was named Investment Banking Firm of the Year by The M&A Advisor in December 2010. BDA is headquartered in New York with offices in London, Bahrain, Mumbai, Beijing, Shanghai, Hong Kong, Seoul, and Tokyo. For further information, please see www.bdapartners.com.