DexKo Global Inc. has secured a definitive agreement to acquire Fluid-Press Group. The financial terms of the deal were not disclosed, a press release reported.
"The family business, which has been successfully managed for decades, produces high-quality products and components. This acquisition enables DexKo to continue to grow in hydraulics and further expand our product offering in this segment. We are pleased to welcome the Fluid-Press team to DexKo and to help them build upon the company's strong foundation," Fred Bentley, CEO of DexKo, said in the release.
Founded in 1971, Albinea, Reggio Emilia, Italy-based Fluid-Press specializes in developing and manufacturing hydraulic valves and manifold blocks for agricultural machinery, industrial equipment, cranes, aerial platforms and Earth-moving machines, pairing well with trailer running gear, chassis assemblies, related components and hydraulic brake applications expertise.
"We will work closely together, exploit synergies and thus significantly broaden our customer and geographic reach, and I am looking forward to utilizing our joint business opportunities" Giovanni Pedrinoni, managing director at Safim, said in the release. "We are proud to be part of DexKo, a global industrial group which will strengthen Fluid-Press' worldwide presence."
The company will work alongside Safim Brakes, a manufacturer of highly engineered hydraulic braking system components used in a range of off-highway equipment applications. The company forms part of DexKo and AL-KO Vehicle Technology.
“Fluid-Press will be a valuable addition to DexKo's Hydraulics business, working closely with Safim Brakes, Modena, Italy,” a recent press release states.
PwC M&A, Tax & Legal Services and Transaction Services and Studio Ferrarini served as advisers for the transaction, subject to customary closing conditions, while Chiomenti offered buy-side legal advice.
"We are dealing with complementary customer portfolios (OEM and distribution), which will allow us to grow further in the respective customer segments with both Safim and Fluid-Press products that we can now sell through the distribution channels of both companies and into untapped markets," said Harald Hiller, president and CEO at AL-KO. "We look forward to uniting the strengths of the Fluid-Press team with those of DexKo to grow the Hydraulics business further.”