BOSTON, April 24, 2012 - C..W. Downer & Co., a leading global middle-market investment bank, is pleased to announce that a French subsidiary of EJ Group, Inc. (EJ), has sold Wuxi Norlong Foundry Co. LTD., to Sichuan Bohong Group Co. LTD of China. EJ is the world leader in the design, manufacture and distribution of access solutions for water, sewer, drainage, telecommunications and utility networks worldwide. Sichuan Bohong Group is a diversified Chinese company currently operating more than 60 wholly-owned holding companies and subsidiaries in China. The deal closed on April 11, 2012 and the financial terms were not disclosed.
C.W. Downer & Co. was hired by EJ to conduct a global sellside process after the Wuxi Norlong foundry could no longer effectively serve its original markets. Even though the foundry had ceased operations prior to the sale, C.W. Downer was able to identify and attract multiple buyers throughout Asia, North America and Europe. The successful buyer, Sichuan Bohong Group, is headquartered in western China.
“The fact that we were able to attract buyers from around the world for a dormant foundry demonstrates the attractiveness of operations located within China and the effectiveness of C.W. Downer’s global sales platform,” said Michael Meagher, Director and head of C.W. Downer’s Shanghai office. “This was a complicated transaction that involved asset repositioning, corporate restructuring and numerous governmental approvals. Nevertheless, we were able to obtain the most competitive sales price for our client from a Chinese buyer and repatriate all sales proceeds out of China.”
The C.W. Downer & Co. team assisting EJ included Mr. Ashley Rountree (Managing Director & Partner, Paris), Mr. Meagher (Director, Shanghai) and Mr. Lihao Wei (Analyst, Shanghai).
About C.W. Downer & Co.
C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with 35 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With nine fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit http://www.cwdowner.com.
For Further Information:
Michael Meagher, Director, Shanghai
Patti Allan, Marketing Director