Bando Chemical Industries Ltd., a century-old Japanese automotive and industrial belt maker, is among bidders for Dutch conveyor-belt manufacturer Ammeraal Beltech Holding BV, people with knowledge of the matter said.
Bando is vying for the business with multiple private-equity firms including Advent International Corp. and Bridgepoint, the people said, asking not to be identified as the information is private. Ammeraal Beltech’s owner, Dutch private-equity firm Gilde, could fetch from 400 million euros to 500 million euros ($568 million) from the sale, two of the people said.
Ammeraal Beltech traces its roots to 1950, when Dutchman Thomas Ammeraal invented a woven conveyor belt for use in the bakery industry. The company he founded later became part of Gamma Holding NV, which acquired German competitor Verseidag AG in 2000 and merged their operations a year later to form Ammeraal Beltech.
Japanese companies have been seeking to deploy some of their $1.9 trillion cash hoard in overseas acquisitions to counteract the effects of a shrinking domestic population. Companies led by Itochu Corp. and Japan Post Holdings Co. have made $40.6 billion of purchases abroad this year, the fastest start on record for Japanese acquirers, according to data compiled by Bloomberg going back to at least 2006.
Bando, which employs about 3,800 people, was founded in 1906 in the western Japanese city of Kobe. The company projects sales of 94 billion yen ($787 million) for the year ended March 2015, compared with 93.4 billion yen a year earlier.
Masanori Komiya, an administrative manager at Bando, said by phone he’s unaware of the matter. Representatives for Ammeraal Beltech, Advent, Bridgepoint and Gilde declined to comment.