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.