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H.I.G. WhiteHorse Supports Legris Industries’ Investment in Schiederwerk
LONDON – May 24, 2016 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged a €40 million unitranche debt refinancing for Group Legris Industries to facilitate the acquisition of Schiederwerk. Schiederwerk is a leading developer and producer of high-voltage power supplies solutions for a variety of applications such as Sport and Stage lighting, medical devices and industrial equipment. Based in Germany, Schiederwerk was founded in 1919 and has become a global leader for high performance lighting solutions and Medtech. With the financial support of H.I.G. WhiteHorse, Legris Industries will further develop Schiederwerk and its leading market position in high voltage lighting products.
Appu Mundassery, Managing Director at H.I.G. WhiteHorse, said: “We are delighted to be able to play a role in helping Legris Industries by providing funding for the acquisition of Schiederwerk in order to ensure a successful next phase of growth. This transaction demonstrates our ability to support industrial businesses with bespoke, flexible and committed financing solutions in a timely manner”.
Erwan Taton, CEO of Legris Industries, commented: “For Legris Industries, this investment is fully aligned with our strategy to invest in growing, high quality market leaders. H.I.G. WhiteHorse has been supportive, pragmatic and reliable in their approach, taking the opportunity of this acquisition while refinancing the Group and we look forward to working together with them going forward”.
Founded in 1919, Schiederwerk is a leading international innovator for the development and manufacturing of customized power supply solutions for high performance lighting systems, medical devices, industrial equipment and telecommunication. Schiederwerk gives its customers access to a leading technology at attractive prices, with a short time to market, and production capacity available for small, middle-sized and high-volume runs. Lean operations, and close integration of sales, product development and execution assure Schiederwerk’s success in the global market place.
About Legris Industries
Founded in 1986, Legris Industries is a diversified industrial group headquartered in Brussels, Belgium, with a strong family shareholding. Prior to the Schiederwerk acquisition, Group Legris Industries consisted of three Divisions: Savoye (an international engineering business specializing in the design and integration of equipment, software solutions and automated systems for logistics centres), Clextral (the world leader in twin-screw extrusion technology and turnkey plants for food processing, paper pulp, specialty chemicals and biomaterials), and Keller (a global expert in turnkey plants, equipment and services for heavy clay building materials (brick and tile factories). Schiederwerk will now constitute Group Legris Industries’ fourth business, alongside the 3 historical divisions.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with €18 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €22 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.