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H.I.G. Capital Acquires Witex Flooring Products GmbH
HAMBURG – February 11, 2010 – H.I.G. Capital, LLC, a leading global private equity investment firm, today announced that it has acquired Witex Flooring Products GmbH ("Witex") from J.P. Morgan Chase & Co. Witex is a leading German manufacturer of laminate, ready-flooring and other innovative flooring products. It exports its products into more than 70 countries in the world generating sales in excess of $100 million worldwide.
Witex's management team will acquire a meaningful equity ownership position in the company as a part of the transaction. With H.I.G. Capital as its new owner, Witex will continue to focus on realizing profitable growth in the forthcoming years, by increasing sales volumes and developing new flooring products which strengthen and further develop its market position as a leading flooring specialist.
Dr. Börge Schümann, Managing Director of Witex: "With this transaction, we have significantly improved our capital structure and we are very happy to have a long-term oriented investor in H.I.G. who will further strengthen the confidence of our stakeholders in the future of our company. We foresee substantial upside potential for the business and plan to expand Witex's market share in the next years in close collaboration with H.I.G. Capital."
Sami Mnaymneh, Managing Partner of H.I.G. Capital: "We are pleased to support an outstanding management team in the further development of this well-positioned company. We will work closely with them to further leverage the Witex brand in the coming years. We are committing significant resources to help Witex make a number of add-on acquisitions in a consolidating industry."
About Witex Flooring Products GmbH
Witex Flooring Products GmbH started producing laminate flooring products in 1991 as one of the first manufacturers in Germany. Today, Witex is a synonym for the highest quality in the field of laminate floors and is one of the most successful brands in the market. Witex exports into more than 70 countries and markets its products exclusively via specialized retailers for flooring products such as laminate, prefinished hardwood and other floorings. Witex products are suitable both for professional use as well as for private residential buildings. www.witex.com
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small- and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 50 companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.