RA Capital, alongside its international partner Network Corporate Finance (Network), represented the Cryogenic Industries Group in its August 2017 sale to Nikkiso Co., Ltd. (TSE:6376) for $380 million. The transaction represented the combined sale of Cryogenic Industries Group affiliates doing business as ACD, Cryoquip, and Cosmodyne.

Global reach: RA Capital and Network facilitated the sale of Southern California-based Cryogenic Industries Group to Tokyo-based Nikkiso. During the transaction project, RA Capital and Network coordinated timely due diligence, assisted in negotiations, and facilitated necessary governmental filings, while minimizing distractions to the business.

Maximizing value: Cryogenic Industries Group was acquired at an enterprise value of $380 million, representing a highly attractive valuation on LTM Revenue and EBITDA of $156 million and $13 million, respectively — transaction multiples well above historical averages for the sector.

Execution for a mutually beneficial result: Through organizing the due diligence of Cryogenic Industries’ operations across 13 countries on six continents, and assisting in structuring and negotiating the transaction, RA Capital and Network were pleased to help facilitate Nikkiso’s strategic intent and Cryogenic Industries’ belief that Nikkiso represented the right partner for its employees, customers, and suppliers.

About the Cryogenic Industries Group
The Cryogenic Industries Group designs and manufactures cryogenic equipment, including cryogenic pumps, heat exchangers, and air separation plants under the ACD, Cryoquip, and Cosmodyne brands. The company also has a worldwide network of service centers, which cater to a global customer base operating in the LNG, industrial gas, and energy markets.

About Nikkiso Co., Ltd
Nikkiso Co., Ltd. is a global leader in advanced technologies for Industrial, Precision Equipment, Aerospace and Medical markets. Nikkiso is publicly-traded and is headquartered in Tokyo, Japan.