Manufacturer acquires distributor for $26 million
SARASOTA — Helios Technologies, the parent company of Sarasota-based Sun Hydraulics, acquired the shares of Australian fluid power distributor Custom Fluidpower for approximately $26 million.
According to a press release, the acquisition was funded using approximately $9.3 million in cash and approximately 333,000 shares of SNHY common stock.
“While this is a relatively small, ‘bolt-on’ acquisition for us, it is strategically significant," says Helios Technologies President and CEO Wolfgang Dangel in a statement. "CFP is energized by an innovative culture which is an essential component of our acquisition criteria. Geographically, the business provides a vital stepping stone from which we can further build our presence in the growing Asia-Pacific region and, specifically, Southeast Asia.”
Custom Fluidpower had sales of approximately $46 million for its fiscal year that ended on June 30.