H.I.G. Capital Acquires Temroc Metals
MIAMI – January 30, 2006 – H.I.G. Capital, a Miami-based private equity firm, announced today the acquisition of Temroc Metals, Inc. (“Temroc”) from the Quanex Corporation (NYSE: NX). Temroc will be part of WXP Holdings, Inc., (“WXP”) an H.I.G. portfolio company that recently acquired all operations of Werner Co.’s former Extruded Products Division and their manufacturing facility in Greenville, Pennsylvania. WXP is a leading provider of custom value-added aluminum extrusion products and alloyed aluminum billet to customers throughout North America. Terms of the transaction were not disclosed. Daily operations and communications with customers, suppliers, employees, and other entities were not affected.
Doug Martin, Temroc’s Co-General Manager, commented “Temroc is delighted to be part of a team dedicated to our core business: tailored aluminum extrusion products. As part of the new organization, we will not only have the financial resources to make appropriate investments to further our product line through new technologies and equipment, we will also benefit from the additional capabilities of WXP, including its larger-diameter and higher-output presses.” Greg Mihalovich, Co-General Manager, added, “We are excited to bring our unique fabrication capabilities to an even broader array of customers. We look forward to strengthening our partnership with H.I.G., as they have already proven to be a capable and trustworthy partner.”
“As we build the WXP organization, we are focused on solidifying an already strong position in a niche market segment with technically superior manufacturing capabilities supported by experienced and highly capable employees,” said John Bolduc, Managing Director of H.I.G. Capital. “The Company’s faithful customer base, many of which have been with Temroc for over 30 years, is a testament to the quality they have promised – and delivered – for decades. We welcome the Temroc team to WXP.”
ABOUT WXP HOLDINGS, INC.
WXP Holdings owns both WXP, Inc. and Temroc Metals, Inc. WXP, Inc., originally founded as part of R.D. Werner Co., Inc. in Greenville, PA in 1951, is one of the largest independent aluminum extrusion facilities in the country and specializes in higher value-add and custom aluminum products. Temroc, founded in 1964, was established with the goal to supply value-added aluminum extrusions with the best possible quality, service, and reliability. Temroc added substantial fabrication capabilities in 1975 and moved the fabrication process into its current facility in 1996. WXP engineers utilize leading tool and die technology and advanced extrusion processes to provide design solutions that meet customer demands at the lowest total cost. WXP’s vertically integrated operations offer a wide range of aluminum alloys and distinctive extrusion and fabrication capabilities that position the company to excel in servicing over four hundred current satisfied customers within the electrical, consumer durables, automotive and recreational vehicle, telecommunications, specialized equipment, and building products markets.
ABOUT H.I.G. CAPITAL LLC
H.I.G. Capital, L.L.C. is a leading private equity and venture capital investment firm with more than $2 billion of equity capital under management. Headquartered in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. 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 profitable and well-managed manufacturing or service businesses, and in promising early-stage technology companies. H.I.G. currently has a controlling interest in more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.