H.I.G. Capital has acquired Waco, Texas-based Time, a provider of vehicle-mounted aerial lifts. The seller was The Sterling Group. No financial terms were disclosed. D.A. Davidson was financial advisor to Time on the deal.
D.A. Davidson is pleased to announce it served as financial advisor to Time Manufacturing Holdings, LLC (Time), a portfolio company of The Sterling Group (Sterling), on its sale of Time to H.I.G. Capital (H.I.G.).
Time, headquartered in Waco, Texas, is a global designer, manufacturer and distributor of vehicle-mounted aerial lifts for electric utility, telecommunications, infrastructure and forestry end markets. Time offers bucket trucks, digger derricks, cable placers, truck bodies, buckets and other specialty equipment. Selling via the Versalift, BrandFX, Aspen Aerials, Ruthmann, Steiger, Ecoline and Bluelift brands, Time employs more than 2,000 associates worldwide.
Sterling, a Houston, Texas-based private equity investment firm, targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 61 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling recently closed its fifth investment fund with $2.0 billion in commitments and currently has over $5.7 billion of assets under management.
H.I.G., a Miami, Florida-based private equity investment firm, focuses on control private equity investments in small and mid-sized companies. Typical enterprise values of these companies at initial formation range from $50 million to $1 billion. H.I.G. has invested in and managed more than 300 companies worldwide since its founding in 1993, with combined sales in excess of $30 billion. H.I.G. currently has $45.0 billion of assets under management.