Flacks Group, the Florida-based industrial holding company, has acquired Zippel, the Germany-based cleaning machines maker, from Sugino Machine, the Japan-based machinery manufacturer.
Financial terms of the deal were not disclosed.
Established in 1968, Zippel is based in Neutraubling and has 142 employees. Sugino Machine acquired Zippel in 2014.
Flacks Group, with revenues of USD 1.5bn, has over 7,000 employees.
Sugino Machine, with 1,650 employees, posted sales of USD 330m.
Gideon Franklin and Mizuho Securities acted as financial advisors to Sugino Machine, while Hibiya Nakata and Pinsent Masons were its lawyers. Baker McKenzie was the lawyer for Flacks Group.
Flacks Group has acquired the shares of Zippel GmbH from Sugino Machine Limited. Flacks Group,based in the USA, is a global industrial holding company. Chairman Michael Flacks remarked “We welcome Zippel into our group and look forward to supporting it to grow globally in the future”.Sugino CEO Yoshiaki Sugino said “It is now the right time for Zippel to have a new owner and we plan to work closely with Flacks Group for the benefit of all our clients and employees. Sugino remains committed to the European markets for our pumps and high-pressure washing machinery businesses.”
Advisors Gideon Franklin Limited and Mizuho Securities Co., Ltd acted as financial advisors to Sugino Machine,with Hibiya Nakata and Pinsent Masons as legal advisors. Baker McKenzie was the legal advisor for Flacks Group.
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