H.I.G. Capital News
H.I.G. Capital, LLC
1001 Brickell Bay Drive
Miami, FL 33131
H.I.G. Capital Holds $750 Million Closing On Fund IV
MIAMI - June 30, 2006 - H.I.G. Capital, the Miami-based private equity firm, announced today that it has successfully raised its fourth buyout fund, H.I.G. Capital Partners IV. The fund held its first and final closing on June 30, 2006, with aggregate commitments totaling $750 million.
With offices in Miami, Boston, San Francisco, and Atlanta, H.I.G. currently manages over $3 billion of equity capital. With over 70 investment professionals, it is one of the largest and most active private equity firms in the U.S. investing in small and middle market companies. Since its founding in 1993, H.I.G. has completed in excess of 70 transactions and currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion.
H.I.G. Capital generally focuses on middle-market transactions where it is able use the operating expertise of its principals to improve the performance of its portfolio companies, according to Sami Mnaymneh and Tony Tamer who co-founded H.I.G. and continue to serve as its Managing Partners. With respect to Fund IV, Mr. Mnaymneh commented: "We are very pleased that our fundraising process went as smoothly and quickly as it did, minimizing the disruption to our investment activities. We were able to close the fund in less than three months from the time we first announced it." Mr. Tamer added: "We generated a high degree of interest among both existing and new investors which resulted in an oversubscribed level of demand. We decided to limit the size of the fund to $750 million rather than increasing it to a larger number, so we can stick to our strategy of focusing on small and middle-market companies."
H.I.G.'s investing activities will continue to include: (i) acquisitions of privately-held companies and non-core subsidiaries of larger companies; (ii) investments in companies requiring recapitalization or growth capital; and (iii) restructurings. These investments will typically be made through controlling or influential minority positions in companies with revenues between $50 million and $500 million.
In addition to its buyout activities, H.I.G. is an active investor in venture capital through its H.I.G. Ventures affiliate, distressed debt through its Bayside Capital affiliate, and publicly traded equities through its Brightpoint Capital affiliate.