H.I.G. Capital Announces Acquisition of Stant Corporation
MIAMI – June 19, 2008 – H.I.G. Capital, LLC, a leading global private equity firm, announced today that its affiliate has acquired Stant Corporation from Tomkins PLC, a publicly traded UK Company. Transaction terms were not disclosed. Headquartered in Connersville, IN, Stant Corporation is a leading, integrated manufacturer of highly engineered vapor and fluid control components. These products are sold to a diversified group of global industrial and automotive original equipment manufacturers and automotive aftermarket customers. Stant has a distinguished 108 year history of delivering patented, innovative solutions to address two critical engine applications: (i) fuel systems, including fuel caps, fuel vapor control valves, and evaporative canisters to meet increasingly stringent domestic and international evaporative emission standards and (ii) cooling systems, including thermostats, thermostat housing subassemblies and radiator caps. The Company has over 1,000 employees and operates six global manufacturing facilities including operations in the United States, Mexico, Czech Republic and China. Through these operations, Stant is able to provide its global customers with quality, just-in-time products and solutions to meet their increasing emissions control and cooling needs.
Charles Hanemann, a Managing Director of H.I.G. Capital, commented, “Stant has a long track record of distinguishing itself in the niche categories of vapor control and cooling systems. The management team has done an excellent job of tailoring complex, patented, customized solutions for its global customers, and we plan to continue to support their efforts. We feel the Company will continue to grow through both new products and geographic expansion over the coming years.”
“We are excited to partner with H.I.G. Capital, which has a strong track record of helping businesses like ours grow both organically and strategically. We look forward to our new partnership with H.I.G., who is committed to our strategy to continue to serve our automotive, industrial and retail customers and continue our growth in both new products including carbon canisters and filler pipes, and international expansion into markets including China, India and South America.” said Marlon Bailey, Stant’s President and Chief Executive Officer.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, 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. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.