SARASOTA — Sarasota-based manufacturer Sun Hydraulics Corp. entered into a definitive agreement to acquire manufacturer Faster Group for approximately $531 million.
Faster is a global manufacturer of quick-release hydraulic coupling solutions based in Milan with operations in Milan, Toledo, Ohio and India. It has about 475 employees around the world. Its primary markets include agriculture, construction equipment and general industrial applications.
“The acquisition of Faster is in alignment with our Vision 2025, advancing SNHY as a global technology leader in the industrial goods sector while maintaining superior profitability and financial strength," says Sun Hydraulics President and CEO Wolfgang Dangel in a statement. "Faster further diversifies SNHY more deeply into the growing global agriculture market."
According to a press release, Sun will acquire shares of Faster Group from Capvis Equity IV LP, a fund advised by Swiss private equity firm Capvis Equity Partners AG, and other co-investors. It will be funded with about $161 million of cash on hand and $370 million drawn against Sun's revolving credit facility.
The acquisition is expected to close in the second quarter of 2018.