Mutares expands automotive portfolio with Chinese acquisition

Munich, Germany – German private equity firm Mutares SE & Co. has expanded its automotive portfolio with an agreement to acquire Cikautxo Rubber & Plastic Components (Kunshan) Co., from Spanish manufacturer Cikautxo Group.

The to-be-acquired business specialises in the development and production of rubber and plastic components for automotive and household appliance industries, said Mutares in statement 4 June.

The company will join the SFC Group, part of the tier 1 automotive supplier Amaneos which was formed by Mutares March last year. (ERJ report)

Established in 2011, Cikautxo China has a broad product range, including fluid-conducting, vibration-damping and sealing components, door seals, and inlet and outlet bellows for washing machines.

According to Mutares, the company has developed long-term relationships with blue-chip automotive customers such as Daimler, Ford, Geely and Volvo and household appliance customers such as BSH and Haier.

Based in Kunshan, Jiangsu province, Cikautxo China employs 130 people and generated revenues of €13 million in 2023, and holds “significant growth potentials,” Mutares added.

The acquisition is part of Mustares’ plans to expand the manufacturing footprint of SFC Group in Asia, provide better support to customers and “exploit new market opportunities.”

SFC Group offers fluid transfer systems, lightweight fluid products, and sealing solutions for the automotive industry.

Based in Frankfurt, Amaneos is a partner for automotive manufacturers and has over 30 sites worldwide and a network of manufacturing and development facilities.

This is the first deal that Amaneos executed in China, shortly after opening its office in Shanghai, according to Robin Laik, CEO of Mutares.

“China is one of the most interesting markets for Amaneos and SFC Group, as it is the fastest growing automotive market next to India,” Laik added.