H.I.G. Closes Fund V At $1B Cap

The multi-strategy private equity firm H.I.G. Capital LLC announced that it has closed its latest flagship buyout fund, H.I.G. Capital Partners V, at its $1 billion cap, sister magazine Buyouts reported.

Miami-based H.I.G. Capital has dedicated funds and teams devoted to a number of specific strategies, including mid-market buyouts, growth equity, bio-sciences, real estate, special situations and lending. Founded in 1993, the firm says it has more than $11 billion of equity capital under management.

The firm’s predecessor flagship fund, the 2006-vintage H.I.G. Capital Partners IV, is returning a 1.65x investment multiple and a 36.5 percent IRR as of last Sept. 30, according to investor University of California.

H.I.G. Capital sold German car parts maker Anvis in February to Japan-based Tokai Rubber for €132 million ($177.91 million), according to sister news service Reuters. A source familiar with the deal said H.I.G. had made a substantial profit on the sale after buying Anvis in 2010 but did not provide details.

In January H.I.G. Capital announced that it had invested an undisclosed amount into California Forensic Medical Group Inc., a provider of outsourced health care services for county jail inmates in California. CFMG is based in Monterey, Calif. Terms were not released.

Doug Berman, executive managing director of H.I.G. Capital, said in a press release: “The new fund will allow us to continue our successful strategy of investing in privately held companies and non-core subsidiaries of larger companies that present significant opportunities for earnings improvement and value creation.”

Berman did not respond by deadline to a request for comment.

Steve Bills is a senior editor at Buyouts Magazine. Any opinions expressed here are entirely his own. Follow him on Twitter @Steve_Bills. Follow Buyouts tweets @Buyouts. For information on how to subscribe, contact Greg Winterton at greg.winterton@thomsonreuters.com.

Image Credit: Shutterstock.com