DC Advisory advises Cosel on the sale of Powerbox to Hypax

Background

• Publicly listed Japanese company Cosel Co., Ltd is a leading provider of AC-DC power supplies, DC-DC converters and EMI filters globally
• Cosel’s subsidiary, Powerbox, is a leading European provider of customized power supply solutions for applications in the defense, medical, transportation and industrial sectors. Powerbox combines R&D across three design centers with an asset-light manufacturing model to deliver customized AC-DC and DC-DC converters, modular power systems, and battery backup solutions
• Powerbox is headquartered in Stockholm, Sweden, with a second production site in Bremen, Germany (Eplax), and additional international sales and engineering locations across Europe, the Americas and Asia 
• Hypax GmbH is a Berlin and London-based investment firm specializing in the acquisition of corporate carve-outs

Process

• DC Advisory was engaged as financial advisor to identify an ideal partner to further support Powerbox’s future growth plan in customized power supply solutions
• Leveraging its experience in the Industrials sector, DC Advisory orchestrated a competitive auction process
• DC Advisory advised Cosel on all aspects of this sell-side M&A transaction including carve-out considerations

Outcome

• In May 2026, Cosel entered into a definitive agreement to sell its 100% shareholding in Powerbox to Hypax. The transaction completed in September 2026. The terms of the transaction were not disclosed
• Following the transaction, Powerbox will focus on executing its growth strategy, particularly in defense and international markets
• The transaction illustrates DC Advisory's capabilities in supporting high-profile Japanese clients in cross-border sell-side transactions

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