Horizon Global Completes Acquisition of Westfalia-Automotive and Terwa
October 04 2016 - 4:30PM
Business Wire
Addition of Westfalia and Terwa provides
compelling strategic global expansion and increased scale in
Europe
Horizon Global Corporation (NYSE: HZN), one of the world’s
leading manufacturers of branded towing and trailering equipment,
announced today the completion of its acquisition of
Westfalia-Automotive and Terwa, collectively referred to as
Westfalia, a European-based leader in towing and trailering
products. The businesses were acquired from an investor consortium
led by DPE Deutsche Private Equity, which is now a shareholder of
Horizon Global. The companies initially announced plans for the
transaction on August 25, 2016.
With the acquisition of Westfalia, Horizon Global now becomes an
approximately $850 million global business and the leading
manufacturer of towing and trailering equipment in Europe. Through
a significantly expanded global footprint and a much wider network
of customers for its industry-leading products, the Company is
well-positioned for continued growth in both revenue and
profit.
“The completion of this acquisition marks a transformational day
in our Company’s history,” said A. Mark Zeffiro, President and
Chief Executive Officer of Horizon Global. “We are thrilled to add
Westfalia’s iconic brands, design innovation, and manufacturing
expertise to our proven global platform. Incorporating Westfalia
into the Horizon Global family positions us to increase operational
efficiencies and accelerate product innovation, meeting the needs
and exceeding the expectations of our customers. Further, Westfalia
greatly complements our business and adds to a powerful portfolio
of companies that are established, global market leaders and
innovators. This acquisition expands our brands’ regional and
global profiles, allowing us to provide a broadened product
offering to both new and current customer channels.
“Of particular note, this acquisition is especially beneficial
for customers of TriMotive, the OE division of Horizon Global, as
it will allow for truly global relationships with our OE
customers,” continued Zeffiro. “Our customers will continue to
benefit from the Company’s best in class technology and
manufacturing practices, as well as the industry knowledge of our
global teams. The addition of Westfalia greatly enhances Horizon
Global’s mission to better serve and grow with our customers,
engage with our employees, and realize value creation for our
shareholders.”
About Horizon Global
Headquartered in Troy, Michigan, Horizon Global Corporation
(NYSE: HZN) is a leading designer, manufacturer and distributor of
high-quality, custom-engineered towing, trailering, cargo
management and related accessory products for original equipment,
aftermarket and retail channel customers on a global basis. Our
mission is to utilize forward-thinking technology to develop and
deliver best-in-class products for our customers, engage with our
employees and realize value creation for our shareholders. For
more information, please visit
www.horizonglobal.com.
About
Westfalia-Automotive
Headquartered in Rheda-Wiedenbrück, Germany,
Westfalia-Automotive is one of the worldwide leading manufacturers
of towbars, wiring kits and carrier systems for cars and light
utility vehicles with an international presence. In total, more
than 1,700 different towbar types for almost all vehicle brands are
developed and produced. The company has approximately 900
employees.
About DPE Deutsche Private
Equity
DPE Deutsche Private Equity GmbH (DPE) is an independent German
private equity investment company investing in small and
medium-sized enterprises (SMEs) in Germany, Austria and
Switzerland. Since its foundation in 2007, DPE successfully
launched two funds with total assets of over €600 million and
invested in 18 companies. For more information, please visit
http://www.dpe.de.
SAFE HARBOR STATEMENT
This presentation may contain "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained herein speak only as of the
date they are made and give our current expectations or forecasts
of future events. These forward-looking statements can be
identified by the use of forward-looking words, such as "may,"
"could," "should," "estimate," "project," "forecast," "intend,"
"expect," "anticipate," "believe," "target," "plan" or other
comparable words, or by discussions of strategy that may involve
risks and uncertainties. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties which
could materially affect our business, financial condition or future
results including, but not limited to, risks and uncertainties with
respect to: the Company's leverage; liabilities imposed by the
Company's debt instruments; market demand; competitive factors;
supply constraints; material and energy costs; technology factors;
litigation; government and regulatory actions; the Company's
accounting policies; future trends; general economic and currency
conditions; various conditions specific to the Company's business
and industry; our ability to successfully complete the acquisition
of Westfalia, including the possibility that the closing conditions
to the contemplated transaction may not be satisfied or waived;
delay in closing the proposed transaction; risks inherent in the
achievement of cost synergies and the timing thereof, including
whether the proposed acquisition will be accretive and within the
expected timeframe; risks related to the disruption of the
transaction to Westfalia and its management; the effect of
announcement of the transaction on Westfalia’s ability to retain
and hire key personnel and maintain relationships with customers,
suppliers and other third parties; our ability to promptly and
effectively integrate the acquisition of Westfalia; the performance
and costs of integration of Westfalia; and other risks that are
discussed in the Company's most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The
risks described herein are not the only risks facing our Company.
Additional risks and uncertainties not currently known to us or
that we currently deemed to be immaterial also may materially
adversely affect our business, financial position and results of
operations or cash flows. We caution readers not to place undue
reliance on such statements, which speak only as of the date
hereof. We do not undertake any obligation to review or confirm
analysts' expectations or estimates or to release publicly any
revisions to any forward-looking statement to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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Horizon Global CorporationMaria C. DueyVice President, Corporate
Development & Investor Relations(248)
593-8810mduey@horizonglobal.com
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