H.I.G. Capital News
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H.I.G. Capital Acquires Werner Co.'s Extruded Products Division
MIAMI - January 20, 2006 - H.I.G. Capital, a Miami-based private equity firm, announced the acquisition of Werner Co.'s Extruded Products Division. The new company, currently named WXP, Inc., will be headquartered in Greenville, Pennsylvania. WXP is a leading provider of custom value-added aluminum extrusion products and alloyed aluminum billet to customers throughout North America. The transaction, which includes all operations of Werner Co.'s former Extruded Products Division and the manufacturing facility in Greenville, was completed on December 29, 2005. Terms of the transaction were not disclosed. Daily operations and communications with customers, suppliers, employees, and other entities were not affected.
John Thigpen, WXP's President, commented "We will build on our long-standing relationships with our customers and our diverse operational capabilities. Our business presents a unique and scalable platform for further growth. H.I.G. brings the strategic expertise to assist our organic growth, as well as a strong financial base for sensible, strategic acquisitions."
"WXP represents an exciting investment," said John Bolduc, Managing Director of H.I.G. Capital. "WXP demonstrates a strong position in a niche market segment, technically superior manufacturing capabilities and experienced and highly capable employees. The Company's diverse and loyal customer base provides a platform for further operational capacity to grow the business. We welcome the WXP team to the H.I.G. family of investments."
ABOUT WXP, INC.
Originally founded as part of R.D. Werner Co., Inc. in Greenville, PA in 1951, the business is one of the largest independent aluminum extrusion facilities in the country and specializes in higher value-add and custom aluminum products. 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 offers a wide range of aluminum alloys and distinctive extrusion and fabrication capabilities that position the company to excel in servicing over three hundred current satisfied customers within the electrical, automotive, consumer durables, 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. The firm 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.