Oaktree Capital Management’s Fusheng Industrial, the Greater China’s biggest maker of air compressors has taken over ALMiG Kompressoren GmbH, a Germany based air compressor company. The price paid for the deal was not released. Oaktree Capital Group LLC (NYSE:OAK) acquired Fenshung in 2007 for a deal value of $ 850 million.
ALMiG specializes in energy–efficient and oil free industrial air compressors. Along with this, it also offers piston compressors for commercial use, blowers, and turnkey system solution for railways and road transport, including buses, underground trains and Lorrie’s application. ALMiG other offering includes cyclone separators for conditioning compressed air in industrial applications, electronically controlled condensate drains, and oil separating systems.
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Fusheng was established in the year 1953, and provides air compressors, refrigerant compressors, and air dryers. In 2004, Fusheng acquired the assets of Coastcast Corporation and established FS Precision Tech in Los Angeles, CA, USA for manufacturing of automotive, medical, and aerospace components. In 2008 Founding Family partnered with Oaktree Capital Management to privatize Fusheng and removed it from the Taiwan stock exchange.
Oaktree is a U.S. based global asset Management Company founded in 1995. In 2009, Oaktree Capital Group LLC (NYSE:OAK) acquired GFI energy ventures. Oaktree recently acquired a 7.23 percent stake in Dynegy Inc. (NYSE:DYN) according to an SEC form 13G filing. According to the filing, Oaktree Capital Group LLC (NYSE:OAK) bought 7,233,893 shares of common stock in the Texas-based Electric Utilities company. In a separate deal, Oaktree Capital purchased a 7.37 percent stake in TMS International Corp (NYSE:TMS). The stake appears to be a new one for the distressed and value oriented asset manager. Oaktree Capital now owns 1,068,288 shares of the Metals Company.
Earlier this month, Oaktree received a boost from Morgan Stanley (NYSE:MS) Equity research analysts, Matthew Kelley and Kevin Kaczmarek, ahead of its Q3 earnings results announcement. The distressed debts and value oriented management firm is backed to succeed in real estate investments, and also attracts a portfolio of renowned investors, including David Einhorn’s Greenlight capital, among others. For the third quarter, Oaktree reported better-than-expected economic earnings, buoyed by a sharp increase in investment and incentive income. Oaktree Capital Group LLC (NYSE:OAK) swung to a third-quarter net profit of $25.2 million, from a net loss of $36.5 million a year earlier