H.I.G. Capital, a Miami based private equity firm, announced today that it has acquired Transtar Metals, Inc.
December 31, 2002 – H.I.G. Capital, a Miami based private equity firm, announced today that it has acquired Transtar Metals, Inc. Transtar, headquartered in Sherman Oaks, California, is the leading provider of high performance metals and value added services to the global transportation industry. The Company is dedicated to providing outstanding value chain management services and is uniquely positioned as a supplier of a full range of high-end alloys to the commercial aerospace, military and marine industries, stocking over 70,000 items and providing customers with seamless access to inventory, value added processing, and highly trained product specialists throughout the world. Transtar generated over $210 million of revenues in 2001 through its global distribution and processing network which includes facilities in California, Washington, Texas, Kansas, Georgia, Connecticut, Louisiana, Florida, Virginia, the United Kingdom and France.
In announcing the transaction, Steven W. Scheinkman, Transtar President and CEO, said “We are very excited about the prospects of partnering with H.I.G. Capital to facilitate our growth. With the added financial, operational and strategic support that H.I.G. offers its portfolio companies, we will be able to solidify our position as the leading provider of a full range of high performance metals to global transportation markets. This transaction will also allow us to further expand our strategic partnering relationships by meeting the increased demand from our customers for the delivery of customized and innovative solutions to their material procurement and supply chain management requirements.”
John P. Bolduc, Managing Director of H.I.G. Capital, stated: “H.I.G. has been extremely successful at growing transportation-related businesses organically, as well as through acquisition, and Transtar provides us with an excellent vehicle by which to expand our existing presence within these industries. The Company has an outstanding record of meeting the needs of its customers and a world-class management team dedicated to developing innovative approaches to supply chain management. We have structured a transaction that ensures continuity for the company’s employees, customers and suppliers and gives the management team the financial and operational resources it needs to cement Transtar’s pre-eminent position in the market niches it serves.”
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1 Billion of equity capital under management. Headquartered in Miami and with additional offices in Atlanta, Boston and San Francisco, the firm specializes in providing capital to small and medium sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of mature, profitable, and well managed manufacturing or service businesses, and in promising early stage technology companies. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. Capital has completed in excess of 70 transactions including highly successful investments in the aerospace and transportation industries. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $4.0 Billion.
Terms of the transaction were not disclosed.