H.I.G. Europe Acquires Window Manufacturer WERU
HAMBURG – November 21, 2013 – H.I.G. Europe, the European affiliate of H.I.G. Capital, a global investment firm focused on small and mid-sized companies, acquires window manufacturer WERU GmbH (“WERU”) from private equity firm Triton.
WERU, founded in 1843, is the largest manufacturer of high-quality windows and doors in Germany and a market leader in Continental Europe. WERU develops, produces and sells mainly PVC and aluminum windows as well as doors and other related products primarily for the private housing and renovation market.
WERU operates two production facilities, one at its headquarters in Rudersberg near Stuttgart and the second in Triptis near Leipzig. Currently the company has approximately 1,000 employees. With a production volume of around 460,000 windows and 14,300 doors per annum WERU is one of the largest window manufacturers in Europe. In recent years the company has made significant investments in a completely rejuvenated product range and in further optimizing its production capabilities.
In addition to a strong brand, WERU offers a comprehensive range of services including consulting, planning, installation and customer service to its loyal customer base of more than 800 authorized dealers. In 2013, WERU achieved a turnover of about €143 million.
Wolfgang Biedermann, Managing Director at H.I.G. Europe, comments on the transaction:
“With H.I.G., WERU has a long-term oriented and financially strong partner at its side going forward. Together with management, we will continue to actively pursue WERU’s expansion strategy in the coming years both in the German market as well as in neighboring countries. Strategically useful acquisitions will also be part of WERU’s future strategy.”
Harald Pichler, CEO of WERU GmbH concludes:
“I am pleased that WERU has found H.I.G. as its new shareholder since H.I.G. is fully committed to further develop WERU’s leading market position in Germany to become a European market leader.”
About H.I.G. Capital
H.I.G. Capital is a leading global private investment firm with over €10 billion of capital under management. The firm is headquartered in Miami with offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco and Rio de Janeiro. Further, H.I.G. Europe has offices in London, Hamburg, Paris, Madrid and Milan. H.I.G. Capital specializes in providing capital to small and medium-sized companies with revenues between €30 million and €500 million and invests in leveraged buyouts (LBOs), management-led buyouts, recapitalizations as well as growth situations. H.I.G. Capital also commands deep experience in distressed situations as well as operational and financial restructurings. Since its inception in 1993, H.I.G. Capital has managed and invested in over 250 companies globally. Currently H.I.G.’s portfolio includes 80 companies with combined revenues of over €23 billion.