Triton is selling WERU, a German manufacturer of windows, doors and carports, to H.I.G. Capital. The transaction is subject to the approval of the relevant authorities. Both parties involved have agreed not to disclose the purchase price.
Funds advised by Triton have signed an agreement to sell WERU GmbH, Germany’s leading manufacturer of windows, doors and carports, to H.I.G. Capital. H.I.G. Capital is a private equity firm specialized in providing capital to small and medium-sized companies with high-quality products and services as well as attractive growth potential throughout the U.S. and Europe. The transaction is subject to the approval of the relevant authorities. Both parties involved have agreed not to disclose the purchase price.
“Triton has owned and supported WERU for over 14 years,” said Peder Prahl, Director of the General Partner for the Triton funds. “New thinking, resources and capital have been invested several times to allow the business to develop during challenging market conditions.”
Following the acquisition, the company was confronted with a rapidly shrinking European window market and almost halved in size between 1999 and 2007. Despite this challenging situation, WERU was able to maintain a leading market position through a targeted investment programme in efficiency, the sales organisation and new products. Triton provided the company with fresh capital several times during this period.
In 2012 WERU generated a turnover of around EUR 143m.
“Over the past years our owner took a long-term view on our key markets and enabled us to fund the strategic realignment and repositioning of the company,” said Harald Pichler, CEO of WERU. “By making appropriate investments in our sales platform and new products throughout the downturn we built an outstanding position in the growing PVC window segment of the German window market.”
In recent years WERU has introduced several new products and currently has a strong product pipeline. It is estimated that by 2014 70 percent of turnover will be generated through “young” products introduced within the last three years. The core product segment, PVC windows, meets the very latest standards in terms of safety, energy efficiency, design and technology.
“Today WERU is virtually free of debt and has built a solid platform for further expansion under new ownership,” said Harald Pichler.
WERU maintains two production locations: at its headquarters in Rudersberg, near Stuttgart, and in Triptis, near Leipzig. The company has around 1,000 people. With an annual output of approximately 460,000 windows and 14,300 doors, WERU is one of Europe’s largest window manufacturers. In 2012 the company generated a turnover of around EUR 143m.
For more information about WERU GmbH, please visit our website at www.WERU.de
WERU press contact
Tel.: +49 7183 303588
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe – with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer/Health sectors.
Founded in 1997, Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 25 companies currently in Triton’s portfolio have combined sales of approximately 12.9 billion Euros and over 52,000 employees.
The Triton funds are advised by dedicated teams of investment professionals based in Germany, Sweden, United Kingdom, Luxembourg and Jersey.
For further information: www.triton-partners.com
Triton press contact
Phone: +49 (0) 172 899 62 64
About H.I.G. Capital
H.I.G. Capital is a leading global private investment firm with over €10 billion of capital under management. The firm is headquartered in Miami with offices in Atlanta, Boston, Chicago, Dallas, New York, San Francisco, Rio de Janeiro, as well as the offices of H.I.G. Europe in London, Hamburg, Paris, Madrid. H.I.G. Capital specializes in providing capital to small and medium-sized companies with revenues between €30 million and €500 million and invests in leveraged buyouts (LBOs), management-led buyouts, recapitalizations as well as growth situations. H.I.G. Capital also commands deep experience in distressed situations as well as operational and financial restructurings. Since its inception in 1993, H.I.G. Capital has managed and invested in over 250 companies globally. Currently H.I.G.’s portfolio includes 80 companies with combined revenues of over €23 billion.