HOLLAND–The New York City-based private equity firm Crestview Partners announced the sale of Holland-based JR Automation Technologies LLC for $1.425 billion in cash to Hitachi, Ltd.
Established in 1980, JR designs, builds, and programs advanced automation systems for the automotive, aerospace, e-commerce and life science industries. It has more than 2,000 employees.
Crestview partner Alex Rose noted that since Crestview’s initial investment in JR in 2015, the company has grown from $170 million in sales and five plants to $600 million in sales and 23 plants worldwide.
Hitachi, based in Tokyo, is an $88.4-billion-a-year company with 307,000 employees worldwide.
The transaction is expected to close in the second half of 2019, subject to customary closing conditions including regulatory approvals.
More at www.jrautomation.com, www.crestview.com or www.hitachi.com.