Global private equity investor AURELIUS has signed a definitive agreement with Japanese industrial giant Resonac Corporation (REC) to acquire its Graphite Business Unit (GBU), marking a significant expansion of its international investment portfolio and its first Japan-related transaction since opening its Tokyo office in June.
The proposed acquisition covers GBU’s operations across the Americas, Europe, the Middle East and Africa (EMEA), and Asia, in a complex global carve-out.
GBU is a leading global producer of graphite electrodes, a critical component in electric arc furnaces (EAFs) used in steelmaking. Its products are essential to modern steel production, with graphite electrodes enabling the high-temperature electrical processes at the heart of EAF technology.
The business operates in a highly specialised, capital-intensive industry, where complex manufacturing processes, substantial investment requirements and significant technical expertise create formidable barriers to entry.
The transaction will also include AMI Automation, a provider of advanced EAF optimisation technologies acquired by GBU in 2023, strengthening the business's capabilities beyond graphite electrode manufacturing.
GBU employs approximately 900 people across Spain, the US, Mexico, Germany, Austria, Italy and Japan. The business generated approximately $500 million in revenue in 2025.
AURELIUS plans to build on GBU's established market position, targeting operational improvements and long-term growth as demand for graphite electrodes benefits from structural trends in steel production.
“Graphite electrodes are an essential consumable used in more environmentally friendly steel production,” said Massimo Vendramini, Managing Director AURELIUS Southern Europe.
“They are complex and difficult to replicate, and benefit from substantial barriers to entry. AURELIUS intends to build on GBU’s market-leading position to drive growth as graphite-electrode demand benefits from long term structural growth. GBU is a well-run business with a strong operational foundation across its main manufacturing sites in La Coruña in Spain, Ridgeville in the US and Steeg in Austria.
"AURELIUS will support it with targeted operational initiatives, while also focusing on developing it into a leading solutions provider. Finally, we are pleased to have signed the first transaction for AURELIUS in recent times that includes a substantial Spanish asset.”
The deal also underscores AURELIUS' growing ambitions in Japan, where the firm is seeking to capitalise on opportunities arising from Japanese corporations divesting international businesses.
“This transaction is another example of how AURELIUS can deliver solutions that few other investors can offer to large Japanese corporates such as Resonac. With our team in Tokyo, we intend to accelerate our investments in international businesses owned by Japanese corporates,” said Eiji Shibata, Managing Director AURELIUS Japan.
The acquisition marks the sixth transaction for AURELIUS Opportunities Fund V and the second time AURELIUS has acquired a business from Resonac, following its purchase of FIAMM last year.
It also represents the firm's sixth acquisition from a Japanese seller in recent years, reinforcing its position as an increasingly prominent buyer of complex international assets being divested by Japanese corporations.
Andrzej Cebrat, Managing Director at AURELIUS Funds IV and V, said: “I am delighted that we have signed acquisition number six for our AURELIUS Opportunities Fund V. GBU is our second purchase from Resonac after FIAMM last year, and our sixth in recent years from a Japanese seller. This shows that we are becoming the go-to buyer for Japanese corporates seeking to sell their complex international assets.”
