2023/09/04

BDA advises Endeavour United on sale of Crefact to Hiruta Kogyo

divested Crefact to

2023

BDA Partners is pleased to announce that its client, Endeavour United, has agreed to sell Crefact to Hiruta Kogyo. The transaction is expected to close later in Q3 2023, subject to regulatory requirements and other customary closing conditions.

Crefact, headquartered in Okayama, Japan, is a manufacturer of automotive exhaust systems, fuel tanks and other automotive body parts. Crefact has advanced manufacturing capabilities to meet stringent demands from the market on the purification of exhaust gases and noise reductions, as well as requirements from leading Japanese automotive OEMs.

Under the new ownership, Crefact will look to further enhance the quality and efficiency of its existing muffler and fuel tank products, while also producing new products, such as busbars, that are compatible with electric vehicles.

Toshiaki Yokohara, Managing Director at BDA Tokyo, said: “We’re pleased to have found Crefact a new partner and set the stage for its next phase of growth, during the dramatic transition to electric vehicles in the automotive industry. We look forward to the continued success of Crefact under its new ownership. This is an example of BDA’s ability, yet again, to help achieve the right solutions for private equity funds in Japan.”

BDA Partners acted as the exclusive financial advisor to Endeavour United.

Deal team

About Endeavour United

Endeavour United is a private equity firm based in Tokyo, with expertise in business successions, corporate carve-outs, privatisations, recapitalisations, and restructurings. The company has invested in approximately 80 companies across a wide range of industries, including manufacturing, construction, consumer, corporate services, and technology. www.endeavourunited.co.jp

About Crefact

Crefact is an auto parts manufacturer based in Okayama, Japan, with a focus on exhaust systems, fuel tanks and other auto body parts. The company manufactures products as a Tier 1 and Tier 2 supplier to Japanese blue-chip auto customers, including Mitsubishi Motors, Mazda, and Nissan.  www.crefact.co.jp

About Hiruta Kogyo

Hiruta Kogyo is an automotive parts manufacturer based in Okayama that specialises in chassis, engine, transmission, and suspension-related products with presence in China, Indonesia, Thailand, Mexico and the US. The company supplies to Japanese blue-chip automotive OEMs, such as Mitsubishi Motors, Mitsubishi Fuso Truck and Bus, Daihatsu, Isuzu and other parts manufacturers in the automotive industry.  www.hiruta-kogyo.co.jp

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes.

BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc, a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com

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