United Kingdom

Details

  • Industry: Automotive
  • Type: Press release
  • Date: 30/07/2013

KPMG Corporate Finance advises on the sale of Covpress International Holdings Limited 

KPMG Corporate Finance has advised the shareholders of Covpress International Holdings Limited (“Covpress”) on the sale of the business to Shandong Yongtai Corporation Group Limited (“SYCG”) and T.I.A (GB) Limited.


The transaction represents the second corporate sale to a Chinese buyer during the last three months demonstrating the increasing appetite for inward investment into the UK, particularly in the automotive sector.


Covpress is a leading tier 1 supplier of pressings and assemblies to the automotive sector.  The business manufactures structural components for leading OEMs including JLR, Nissan, Renault and GM from its dedicated 33,000 square metre facility in Coventry.  The business generates annual revenues in excess of £60 million.


Covpress has been acquired by SYCG, a Chinese tyre manufacturer that was seeking to acquire a UK-based tier 1 supplier to JLR to support its own international growth aspirations.


KPMG undertook a full scope sell-side advisory role including overall management of the project, negotiating the key terms of the deal and working to minimise value leakage throughout the process.  In addition, KPMG provided pensions advice designed to mitigate the defined benefit pension scheme risk.
The automotive sector is a key priority for KPMG’s Corporate Finance practice, focusing on tier 1 and tier 2 supply chain businesses.  The ongoing success of the UK automotive industry continues to attract overseas investment and M&A activity.

 

ENDS


 

For further information please contact

Simon Heath
0121 609 5815
simon.heath@kpmg.co.uk 

 

Richard Cotterill
0121 232 3504
richard.cotterill@kpmg.co.uk

 

 

Notes to editors:

 

About KPMG


KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.


 

 

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