Natural gas engines and systems specialist Westport Innovations Inc. has acquired Netherlands-based Prins Autogassystemen Holding B.V. (Prins) for EUR 12.2 million (approximately $15.1 million).
Prins develops alternative fuel systems powered by liquefied petroleum gas (propane), compressed natural gas and liquefied natural gas for light-, medium-, and heavy-duty applications.
Prins' operations in Europe will be combined under the Westport Applied Technologies business unit.
The transaction was made through a combination of EUR 6.6 million (approximately $8.2 million) in assumed liabilities and EUR 5.6 million (approximately $6.9 million) in cash.
‘Westport has a great deal of experience with natural gas direct injection and believes that the combination of Prins' and Westport's team and technologies will further strengthen Westport's dominant technology portfolio,” comments Mehran Rahbar, executive vice president of on-road systems and applied technologies for Westport.
‘Based on my experience, this acquisition is a significant opportunity for Westport to scale, innovate, and derive sales and operations synergies from the combined business,’ he adds.
Among other synergies Westport expects from the acquisition, it says Prins' relationships with global original equipment manufacturers complement Westport's existing strength in Europe, Asia and North America and will allow for increased cross-channel sales.
Prins' established footprint in large emerging markets for alternative fuels, such as Turkey and Africa, also opens access to new markets for Westport's products.