Horizon Global Corp. in Troy to Acquire Brink Group from H2 Equity Partners
Horizon Global manufacturers various towing components.
Photo Courtesy: Horizon Global
Troy-based Horizon Global Corp., a manufacturer of branded towing and trailering equipment, today announced a definitive agreement to acquire the Brink Group from H2 Equity Partners for $199.4 million.
Based in the Netherlands, the Brink Group is a manufacturer of towbars, wiring kits, and towing accessories. The company has annual revenue of approximately $150 million, and works closely with automotive OEMs on various programs to serve the aftermarket channel of the towing and trailering agency.
The Brink Group operates nine facilities in eight countries, produces nearly one million towbars annually, and its products can be found on 25 million vehicles worldwide.
“We look forward to adding the Brink Group’s … 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,” says 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 and operate 67 facilities in 21 countries. The acquisition price will be financed through new long-term debt and cash on hand.
Jefferies is serving as Horizon Global’s financial advisor and Ernst and Young is providing due diligence services. Eversheds is the company’s legal advisor. The transaction is expected to close by July 2018.