SLIDESHOW

ACG New York Women of Leadership - Entrepreneur Series
Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld

Watercooler

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Amid a slow and challenging year for dealmaking, the winners of Mergers & Acquisitions’ 7th Annual M&A Mid-Market Awards outpaced the competition to grow, innovate and lead the middle market

Dealmakers

The Buyside:
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Traditional Hollywood studios such as Disney and Warner Bros. are seeking next-generation YouTube content providers

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Activist Investors Dig Into Mid Market
Spurred on by the high-profile success of Carl Icahn and others, a growing crop of firms is looking further downstream

Hayes Lemmerz Off the Block

After months of looking for a buyer the auto parts manufacturer agrees to sell to the Brazilian holding company of Iochpe-Maxion.

 

The Northville, Mich.-based auto parts manufacturing company started to mull its strategic alternatives back in December of last year. In August, Mergers & Acquisitions reported that Hayes Lemmerz International officially went on the auction block. Sources believed that a Chinese strategic would end up as the buyer but the winner turned out to be the subsidiary of Iochpe-Maxion S.A., Iochpe Holdings. The Brazilian-based holding company will buy Hayes for approximately $725 million in cash.

Iochpe-Maxion’s spokesman, David Guarino, said the company handled the transaction without the assistance of a financial advisor.

Proskauer Rose handled legal matters for Iochpe-Maxion with Daniel Ganitsky as the lead. Joseph Giunta and Andrew Kleiman were also part of the legal team as well as several others.

Iochpe-Maxion operates two subsidiaries –wheel and chassis and automotive components. Hayes will be merged into Iochpe-Mazion’s wheels division. Dan Ioschpe, CEO of Iochpe-Maxion stated in the press release that the company has a long-term strategic interest in the global automotive and commercial vehicle industries.

Guarino said Hayes is beneficial to Iochpe-Maxion because it is aligned with the needs of its customers – globalization, expansion of the product offering and cost reduction opportunities. This deal allows Iochpe-Maxion to fulfill its customer requirements through sustainable growth of its core business on a global basis and with improve competitiveness.

Iochpe-Maxion and Hayes are currently working on integration plans that will “build on the cultural similarities.” Iochpe-Maxion expects cost savings throughout all of its operations.

Iochpe-Maxion plans to announce management “appointments” prior to closing the deal. The transaction is expected to close within the first half of next year and is subject to customary closing conditions. Until then the two will continue to operate independently.

Hayes did not return calls seeking additional comment on the transaction.

 

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