Livingstone’s Industrial sector team has advised Smiths Group plc on the divestment of John Crane’s Bearings business, for $35m, to Miba AG, a private Austrian company producing bearings for the international engine and automotive industry. The transaction is subject to the satisfaction of certain regulatory conditions and is expected to complete by the end of March 2018.
John Crane’s Bearings business comprises two US companies and one German company across four sites (three US and one German) specialising in the manufacture and maintenance of hydrodynamic bearings for leading international customers in the power generation, oil & gas and general industrial markets.
This divestment is part of Smiths Group plc’s ongoing corporate programme to concentrate their portfolio on scalable market leading positions in the Group’s chosen markets. The proceeds will be reinvested in attractive growth opportunities for Smith Group plc.
Graham Carberry, Partner at Livingstone, commented: “We’re delighted to have worked with Smiths Group plc again. We believe this is an excellent result at a strong valuation and Miba is an ideal purchaser, committed to developing a leading position in Industrial Bearings. This multi-jurisdictional carve out was delivered by our integrated global Industrials team and further reinforces Livingstone’s position as a leading global adviser to major corporates on complex disposals.”
James Mortensen, M&A Director at Smiths Group plc, commented: “Their experience, straightforward approach and seamless interplay between the cross border team made Livingstone a great team to work with; and their hard work was much appreciated.”
Tom Smith, Associate Director at Livingstone commented: “We are very pleased to have assisted Smiths once again in furthering their corporate strategy with this international divestment following a highly competitive process. We’re also happy to deliver the John Crane Bearings businesses to an excellent new home in Miba. It was a pleasure to have worked with Smiths, the John Crane teams and Miba throughout the deal.”
The completion of this transaction further reinforces Livingstone’s position as advisers of choice to listed UK companies in the industrials sector, following on from the divestment of Morgan Advanced Materials plc’s UK Electro Ceramics business and marks a second transaction for Smiths following the previous divestment of the Group’s Specac division.
“Their experience, straightforward approach and seamless interplay between the cross border team made Livingstone a great team to work with; and their hard work was much appreciated.”