Houlihan Lokey Advises Nisshinbo Holdings

Houlihan Lokey is pleased to announce that Nisshinbo Holdings Inc. (NISH) divested its subsidiary TMD Friction Group S.A. (TMD) to AEQUITA SE & Co. KGaA (AEQUITA). The transaction closed on November 30, 2023.

Headquartered in Tokyo, NISH is a global conglomerate operating several business segments including wireless communications, microdevices, automobile brakes, precision instruments, chemicals, and textiles. NISH acquired TMD, a leading European brake friction material manufacturer in 2011 and became one of the leading players in the field.

Catering to passenger cars, commercial vehicles, and industry applications, TMD serves international OEMs and tier-1 suppliers, as well as the independent aftermarket with many renowned brands, such as Textar, Mintex, Pagid, and Bendix. The company generates sales of approx. €800 million with more than 4,200 employees worldwide and locations in Europe, the U.S., Brazil, Mexico, China, and Japan.

The Germany-based global industrial group AEQUITA has long-standing experience in the global automotive industry and extensive transformation know-how in special situations for small to midsized enterprises. The company currently owns portfolio companies in the broader industrial and automotive sectors worldwide.

Houlihan Lokey served as the exclusive sellside advisor to NISH and assisted in structuring and negotiating the carve-out transaction.

This transaction highlights Houlihan Lokey’s extensive automotive expertise, excellent cross-border execution capabilities through global collaboration, and exceptional ability to identify suitable investors in turnaround situations.