H.I.G. Capital Portfolio Company Stant Announces the Purchase of Shelby EnterprisesInvestment Supports Further Expansion of Stant Corporation's Evaporative Emissions Product Offering
MIAMI – November 19, 2010 – H.I.G. Capital, LLC, a leading global private investment firm, today announced that its portfolio company, Stant Corporation, a global, integrated manufacturer of highly engineered vapor and fluid control components, has acquired Shelby Enterprises, Inc.
Based in Romeo, MI, Shelby is a leading supplier of filler pipe, vapor line and other products to the automotive industry. Shelby has a 25 year track record of servicing many of the largest automotive manufacturers and Tier 1 suppliers in the U.S. and abroad.
“Shelby is a high quality provider of filler pipe and vapor line products, which is a strategic area in which Stant has been looking to expand and grow. We were very impressed with Shelby’s management, operations, employees’ capabilities and the Company’s excellent reputation with its customers. We are excited about the potential to grow this category in the US and abroad in the coming years,” commented Curt S. Howell, Stant CEO. “This deepens our penetration in the vapor emissions category and continues to position Stant well to capitalize on the tightening emissions standards in the automotive, industrial and small engine markets.”
Anthony Pacitto, Shelby’s President who will continue on with Stant, added, “We are excited about the opportunity to leverage Stant’s resources and continue our track record of growth. Stant’s strong technical capabilities, global footprint, solid balance sheet, robust financial backing, and strong commitment to its customers were strong considerations for us, and we believe this will help Shelby capitalize on its next chapter of growth.”
“We are pleased to continue to support Stant in its strategic acquisitions,” commented Roman Krislav from H.I.G. Capital. “Following our acquisition of Expert in May, which provided Stant with a leading position in carbon canisters, this highly strategic acquisition now positions Stant as a leading supplier in virtually all of the core vapor management products, including gas caps, valves, canisters, and filler pipes, as well in the cooling product category. We expect Shelby to flourish within the Stant global platform and believe Stant has the resources to help Shelby convert its strong existing pipeline.”
About Shelby Enterprises
Headquartered in Romeo, MI, Shelby Enterprises, Inc. is a market leading provider of tubing solutions for the automotive industry. Our highly engineered next generation range of innovative product solutions exceeds our customers’ increasing expectations. Shelby’s automotive tubing solutions include fuel filler applications and safety restraint applications. For 25 years, Shelby has been a trusted supplier to some of the largest and most important automobile manufacturers in the world. The Company produces its products under long-term production contracts with its blue chip customer base. For more information, please refer to the Shelby website at www.shelbyenterprises.com.
About Stant Corporation
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 110 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 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. For more information, please refer to the Stant website at www.stant.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York 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 service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.