H.I.G. Capital News
H.I.G. Capital Announces the Acquisition of Viasys Corporation
Miami, FL - July 12, 2001 - H.I.G. Capital, a Miami based private equity firm, announced today that it has acquired Viasys Corporation, a leading provider of engineering, installation and maintenance services to the Transportation and Electric Utility industries with approximately $100 million in revenues.
Viasys, headquartered in Lakeland, FL, maintains facilities in Georgia, Florida, Virginia, Texas and North Carolina. H.I.G. acquired Viasys from Bracknell Communications of Canada which had acquired the business as part of its merger with Able Telecommunications Holdings, of West Palm Beach, Florida in December 2000. Serving a variety of governmental transportation agencies as prime contractor, Viasys is one of the leading installers and integrators of Intelligent Transportation Systems (ITS) in the Southeastern United States. ITS are complex systems connecting video cameras, radars, variable messaging signs, traffic light controllers and other roadside equipment to a computer command center via a fiber optic network. These systems enable the real-time management of traffic flows, which reduces congestion, air pollution, fuel consumption and automobile accidents. Implementation of these systems is increasing rapidly, driven by Federal initiatives and backed by the $215 billion TEA-21 funding bill and state matching funds. Viasys currently has a committed backlog of over $90 million of ITS contracts. The company also installs and maintains underground power distribution systems for major electric utilities.
In announcing the transaction, Viasys President and Chief Executive Officer Lance McNeill said, “We are very pleased to be partnering with H.I.G. Capital to facilitate our growth in some very exciting markets. With the added financial, operational and strategic support H.I.G. provides, we will be able to solidify our position as one of the few companies in the country that can handle the size and complexity of full scale ITS deployment projects. Our partnership will also allow us to broaden our service line to capitalize on the exciting opportunities in our power segment.”
Douglas Berman, Managing Director of H.I.G. Capital, stated, “H.I.G. has been extremely successful at growing construction and installation businesses organically, as well as through acquisition, and Viasys provides us an excellent platform from which to serve the fast growing ITS deployment and electric utility markets. The company has an outstanding record of meeting the needs of its governmental, utility and industrial customers.”
About H.I.G. Capital
H.I.G. Capital (http://www.higcapital.com) is a leading private equity and venture capital investment firm with more than $1 billion of equity capital under management. Formed in 1993, H.I.G. is located in Miami, Florida and specializes in middle market acquisitions, consolidations, recapitalizations, management-led buyouts and venture capital investments. H.I.G. has made investments in more than 50 successful companies with aggregate revenues of more than $4.0 billion, representing a broad range of industries including aerospace, business services, manufacturing, telecommunications, automotive, electronics and IT.