TROY, Mich.--(BUSINESS WIRE)--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.
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.