H.I.G. Capital Makes Strategic Investment in InGEAR Corp.
June 7, 2004 – H.I.G. Capital, a Miami-based private equity firm, announced today that it has acquired a significant stake in InGEAR Corporation (“InGEAR”). InGEAR designs, manufactures and sells a broad range of luggage, sports bags, backpacks, and soft coolers to major retailers in the United States and Canada. Founded in 1994, InGEAR is headquarted in Buffalo Grove, IL with sales/design offices and complete showrooms in Hong Kong, Taipei, Shanghai and Dong Guan City. The Company sells its products under proprietary brands including InGEAR, Protégé, Frozn and Sports Xtreme, under a number of licensed brand names including Coleman, Eddie Bauer, Champion Athleticwear, Spalding and Hummer, and under major retailers’ private label brands. InGEAR’s revenues are over $100 million.
“We are extremely excited about our new partnership with H.I.G. Capital.” said Larry Gutkin, InGEAR’s Chief Executive Officer and co-founder. “This investment allows InGEAR to be well-positioned, financially and operationally, to better serve and expand our customer base. I look forward to the beginning of an exciting new partnership, marked by increased sales, profitability and growth.”
Steven Martinez, Principal of H.I.G. Capital, said, “We are very pleased to add InGEAR to our portfolio of strong, entrepreneurial, growth-driven companies. InGEAR has an outstanding management team, leading market position and, with the resources of its new financial partner H.I.G., is well-positioned to capitalize on the many opportunities created by the strong customer demand for its products. Specifically, we are actively seeking complementary acquisition candidates that will enable InGEAR to be the leading company in each of its product categories.”
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 Billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to mid-market companies with attractive growth potential. H.I.G. invests in management-led buyouts, recapitalizations or growth capital investments of well established, profitable, and well managed manufacturing or service businesses. H.I.G. generally focuses on middle market transactions where it is able use the operating expertise of its principals to improve the performance of its portfolio companies. Since its founding, H.I.G. Capital has made more than fifty highly successful investments in companies whose combined revenues are in excess of $5 billion.
About H.I.G. Capital
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 billion of equity capital under management. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. is one of the most active private equity investors in small and medium-sized companies. H.I.G. invests in management-led buyouts and recapitalizations of well-established and well-managed manufacturing or service businesses with attractive growth potential, and in promising early stage technology companies. Through its Bayside Opportunity Fund, H.I.G. is also an active investor in restructurings and turnaround situations. Since its founding, H.I.G. has made more than fifty highly successful investments, acquiring companies with combined revenues in excess of $5 billion. For more information, visit H.I.G. Capital’s web site at http:/www.higcapital.com.