New Horizon Capital entered into a definitive transaction agreement to acquire a 30% stake in Punch Powertrain nv from XL Fund, L.P. managed by GIMV NV (ENXTBR:GIMB), Participatiemaatschappij Vlaanderen NV, Limburgse Reconversie Maatschappij and Capricorn Cleantech Fund NV managed by Capricorn Venture Partners on December 12, 2013. Andrew Cunningham, Tosh Kojima, Michael Mariaz, Gary Hancock, Chris Gornall, Daiwa, Xiaohong Liu and Bing Lei of DC Advisory acted as financial advisors for Punch Powertrain nv. Michel Bonne, Morgane Dor, Marie Georgy and Mattias Verbeeck of Van Bael & Bellis acted as the legal advisor to New Horizon Capital. Stibbe acted as legal advisor to the selling shareholders of Punch Powertrain. Ernst & Young Belgium acted as an accountant to Punch Powertrain.

New Horizon Capital completed the acquisition of a 30% stake in Punch Powertrain nvfrom XL Fund, L.P. managed by GIMV NV (ENXTBR:GIMB), Participatiemaatschappij Vlaanderen NV, Limburgse Reconversie Maatschappij and Capricorn Cleantech Fund NV managed by Capricorn Venture Partners on January 6, 2014.