Westfalia-Automotive announces agreement to be acquired by Horizon Global
"This deal will combine two well-respected, global market leaders and innovators in the designing and manufacturing of towing systems for automotive equipment manufacturers, dealers and aftermarket customers," said Bernd Welzel, Chief Executive Officer, Westfalia-Automotive. "We thank DPE Deutsche Private Equity for their patronage and are grateful for their valuable contributions and support during the last years. The sale of Westfalia to Horizon is a great outcome for our company, employees, customers and shareholders. Now, we are very excited to become a member of the Horizon Global family. Our brands will gain an expanded global reach and our products will become available to a significantly larger customer base, enabling the continued innovation of new technologies and products based on a global production footprint."
"Further, the transaction positively reflects the strength of our company and our talented and dedicated employees that Horizon will continue to build upon," continued Welzel. "We have a world class team of associates and are confident about the future success of our brands and products as part of a larger, global presence. We expect the acquisition to be completed during the fourth quarter of 2016, subject to the satisfaction of customary closing conditions."
A. Mark Zeffiro, President and Chief Executive Officer of Horizon Global, said, "We are pleased to welcome the entire Westfalia team to the Horizon Global family. This significant acquisition is a very positive statement regarding our confidence in the future of the new, combined company and its expanded portfolio of well-respected brands and products."
Conference Call and Webcast Information
Horizon Global will host a conference call on Thursday, August 25, 2016, at 9:00 a.m. Eastern Time. Participants on the call are asked to register 5 to 10 minutes prior to the scheduled start time by dialing (844) 711-8052 and from outside the U.S. at (832) 900-4641. Please use the conference identification number 70199564. A live audio webcast of the conference call will be available through the Horizon Global website. This audio webcast will remain available through September 1, 2016. The conference call will be webcast simultaneously, and in its entirety, through the Horizon Global website. Shareholders, media representatives and others may participate in the webcast by registering through the Investor Relations section on the Company's website. The presentation will also be available on the Company's website at www.horizonglobal.com.
A replay of the call will be available on Horizon Global's website or by phone by dialing (800) 585-8367 and from outside the U.S. at (404) 537-3406. Please use the conference identification number 70199564. The telephone replay will be available approximately two hours after the end of the call and continue through September 1, 2016.
About Horizon Global
Headquartered in Troy, Michigan, Horizon Global Corporation (NYSE: HZN) is a leading designer, manufacturer and distributor of high-quality, customengineered 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.
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 by Volker Hichert and Marc Thiery, DPE successfully launched two funds with total assets of over €600 million and invested in 18 companies and 30 add-on acquisitions. For more information, please visit www.dpe.de.
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. For more information, please visit www.westfalia-automotive.com.