Horizon Global to Acquire 75-Year Towbar Company
Horizon Global Corp. (NYSE: HZN) has entered into an agreement to acquire the Brink Group from H2 Equity Partners for approximately $199.25 million. The Brink Group is an manufacturer of towbars, wiring kits and towing accessories.
The Netherlands-based Brink Group has more than 75 years of towbar expertise, working closely with OEMs and original equipment suppliers on various programs, as well as serving the towing and trailering aftermarket. The company produces nearly 1 million towbars annually and its products can be found on approximately 25 million vehicles worldwide, according to the company.
The Brink Group currently operates nine facilities in eight countries around the world
with an annual revenue of approximately $150 million.
After the acquisition, the combined company’s product portfolio will more effectively serve its global customers across the OEM, supplier, aftermarket and retail channels, according to Horizon Global.
“We look forward to adding the Brink Group’s powerful product portfolio and manufacturing expertise to that of Horizon Global’s, and we are confident this combination will enhance our ability to better serve our customers and end users across all markets that we serve,” said Mark Zeffiro, president and CEO of Horizon Global. “We expect the acquisition to be accretive to earnings during its first full year as part of Horizon Global through a combination of operating performance and the realization of certain synergies. The new Horizon Global will greatly benefit customers with a strengthened global platform, broader product offerings and enhanced product innovation and design expertise.”
The combined company will have approximately 5,300 employees, operating 67 facilities in 21 countries to effectively serve its global customers
“This significant acquisition will strengthen our global platform and give our company the reach, product offering and customer access to build on our leadership position in the OEM, OES, aftermarket and retail channels in the markets we serve,” Zeffiro said. “Our team has a proven ability to integrate businesses and grow both existing and newly acquired brands. We expect these efforts to improve our margin profile and increase shareholder value. We look forward to welcoming the entire Brink Group team to the Horizon Global family, and we are excited to continue serving our global customers with top-quality, innovative products.”
Jefferies LLC served as financial advisor to Horizon Global in the transaction. Houlihan Lokey is serving as financial advisor to the Brink Group in the transaction
For more information, please visit horizonglobal.com.