Squire Patton Boggs has advised Helios Technologies, a global leader in highly engineered motion control and electronic controls technology, on its agreement for the sale of Custom Fluid Power to Questas Group, backed by Five V Capital, one of Australia’s leading providers of hydraulic, pump and engine solutions.
The all-cash transaction valued at approximately $83 million AUD (~$54 million USD) is subject to final working capital and other customary closing adjustments representing an increase of approximately $44 million AUD above the acquisition price Helios Technologies paid for CFP on August 6, 2018.
Helios will enter into a long-term exclusive distribution agreement with Questas assuring continuity of Sun Hydraulics’ strategic position in the Australian cartridge valve market through CFP’s vast distribution network.
Closing is anticipated within the next 60-90 days, subject to the satisfaction of certain specified closing conditions.
The Squire Patton Boggs team advising on the transaction was led by Louisa Hine and
and James Nguyen, Corporate Partners in Sydney. They commented: “Helios are a valued client of the firm, and it has been a pleasure working with their team on this transaction. We look forward to supporting their continued success moving forward.”