DGAP-News: Willkie Farr&Gallagher LLP: 3i Backs Buyout of Hilite International Inc.
(firmenpresse) - DGAP-News: Willkie Farr&Gallagher LLP / Key word(s): Offer/Offer
Willkie Farr&Gallagher LLP: 3i Backs Buyout of Hilite International
Inc.
18.05.2011 / 12:25
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3i, an international investor focused on Private Equity, Infrastructure and
Debt Management, and funds managed by 3i, today announced the signing of a
definitive agreement to acquire a majority stake in Hilite International
Inc., a global supplier of automotive products that enhance fuel efficiency
and emissions control. 3i is acquiring the company from a consortium of
investors. Terms of the sale agreement were not disclosed.
Hilite, headquartered in Cleveland, Ohio, operates 6 manufacturing plants
across North America, Europe and Asia. The company operates in a high
growth segment of the global automotive market - the manufacturing of
hydraulic actuators and timing systems which improve fuel consumption and
reduce emissions. Hilite's products are used in the engines, transmissions
and exhaust systems of passenger and commercial vehicles. Among Hilite's
key customers are blue chip automotive manufacturers Volkswagen, Daimler,
General Motors, Chrysler and BMW. In 2010, Hilite generated revenues of USD
400 million.
Ken Hanau, Managing Partner 3i North America said: 'Our investment in
Hilite is a perfect example of how 3i taps the experience contained in our
global network to help its portfolio companies grow internationally.'
Dr. Ulf von Haacke, Partner and Managing Director 3i Germany said: 'Hilite
is at the cutting edge of fuel efficiency and emissions controls
technology, and is well-positioned to benefit from these global trends.'
In addition to Hilite International, 3i counts among its affiliated
portfolio companies a number of other automotive and industrial businesses,
such as Trescal, MoldMasters and Stork Materials Technology. 3i makes
private equity investments in growing middle-market companies which can
benefit from access to 3i's international network and deep sector
expertise.
The transaction is subject to competition approval which is expected in the
coming months.
The Willkie team was led by Mario Schmidt (Corporate/Private Equity,
Frankfurt) and William Gump (Corporate/Private Equity, New York) and
included the partners Dr. Patrick Meiisel (Tax, Frankfurt), Richard
Reinhold (Tax, New York), Dr. Stefan Joergens (Corporate/Private Equity,
Frankfurt), Dr. Christian Rolf (HR, Frankfurt), William Hiller (Finance,
New York), Jan Wilms (Finance, Frankfurt), Rolf Huenermann
(Antitrust/Corporate Compliance, Frankfurt) and the associates Kathrin
Schwesinger (Corporate, New York), Dr. Matthias Werner (Corporate/Private
Equity, Frankfurt), Thomas Mark (Corporate/Private Equity, New York), Ingo
Bednarz (Corporate/Private Equity, Frankfurt), Tobias Dietrich
(Regulatory/Corporate, Frankfurt), Laura Franklin (Real Estate, New York),
Amanda Granacher (Tax, New York), Elizabeth Rich (Corporate, New York),
Jochen Riechwald (Employment Law), Dr. Maximilian Schwab (Corporate/Private
Equity, Frankfurt) and Sabine Weber (Tax, Frankfurt).
Willkie Farr&Gallagher LLP is an international law firm, comprising more
than 600 attorneys with offices in New York, Washington, Paris, London,
Milan, Rome Frankfurt and Brussels. The headquarters are in New York, 787
Seventh Avenue, Tel.: 001 212 728 8000.
Frankfurt, May 17, 2011
End of financial news
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125198 18.05.2011
Datum: 18.05.2011 - 12:25 Uhr
Sprache: Deutsch
News-ID 34135
Anzahl Zeichen: 0
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