HOLLAND — JR Automation Technologies LLC is now part of Tokyo-based Hitachi Ltd. after the completion of a $1.42 billion deal for the West Michigan-based custom automation systems provider.
The Holland-based JR Automation had been a portfolio company of New York City-based private equity firm Crestview Partners since 2015. Hitachi signed a definitive agreement to acquire JR Automation in April, as MiBiz reported at the time.
The deal came to a close as the two companies have worked together over the last eight months on an integration process, according to a statement. The companies cited opportunities for pairing JR Automation’s robotic system integration capabilities with the artificial intelligence and IoT solutions for manufacturing at Hitachi.
JR Automation CEO Bryan Jones called the deal “uplifting,” and cited the alignment of the two companies.
“As we look to the future, we see the opportunity that exists in bringing the cyber world to the physical world and integrating Hitachi’s digital solutions into the systems that we produce,” Jones said in a statement. “Our partnership with Hitachi is going to allow us to do considerably more for our customers.”
Masakazu Aoki, executive vice president and executive officer of Hitachi, said the deal will allow the company to “provide customers with new, unparalleled value by connecting the whole process. We can now provide our customers with seamless solutions, connecting the entire value chain with data to achieve total optimization.”
Prior to Crestview Partners, JR Automation was owned by Grand Rapids-based Huizenga Automation Group LLC.
Goldman Sachs & Co. LLC and Bank of America Merrill Lynch served as financial advisers and Gibson, Dunn & Crutcher LLP acted as legal adviser to JR Automation and the selling shareholders. Mitsubishi UFJ Morgan Stanley Securities acted as a financial adviser and Allen & Overy LLP served as legal adviser to Hitachi.