H.I.G. Capital News
Dr. Klaas Reineke
H.I.G. European Capital Partners GmbH
T: +49 40 41 33 06 100
H.I.G. Capital Sells WERU Group to DOVISTA A/S
HAMBURG – July 6, 2021 – H.I.G. Capital (“H.I.G.“), a leading global alternative investment firm with over €36 billion of equity capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its German portfolio company WERU Group (the “Company” or “WERU”) to DOVISTA A/S, a leading North European solution provider of vertical windows and exterior doors. The transaction is subject to clearance by the relevant antitrust authorities.
WERU, a leading manufacturer of PVC windows and doors in Germany, was acquired by H.I.G. in 2014, and subsequently acquired UNILUX, a leading manufacturer of wood-based windows and doors to expand its product portfolio. During H.I.G.’s ownership, WERU modernized the Company’s production facilities, launched new products, and implemented various digital innovations. Headquartered near Stuttgart in Germany, WERU sells its product offering via a broad network of more than 1,700 specialized retailers and has more than 1,100 employees across its three manufacturing sites in Germany.
Stefan Löbich, CEO of WERU, commented: “Over the past years, we worked very closely with H.I.G. and successfully implemented our jointly defined strategy. As a result, WERU is a major player within windows and doors in Germany today. Having an experienced, reliable, and financially strong partner such as H.I.G. on our side was extremely beneficial for the Company, and I thank H.I.G. for their continued support. Now I am truly excited to open a new chapter for WERU as part of DOVISTA Group.”
Allan Lindhard Jørgensen, CEO & President of DOVISTA A/S said: “Our two companies make a great fit. With the acquisition of WERU, we accelerate our plans to expand further and truly make all of Europe our home market. We add a notable German vertical windows and exterior doors brand to our existing brand portfolio and gain further traction in Germany which is a significant market for building a strong presence in Central Europe. We are delighted to welcome WERU and its employees to the DOVISTA family, and I very much look forward to working with the WERU team.”
Klaas Reineke, Managing Director at H.I.G., commented: “Working with Stefan Löbich and his team at WERU was a great pleasure for us. We worked closely with WERU management over the past years – with selected add-on acquisitions, continuous digitization efforts, and an even stronger customer focus, and as a result, WERU was able to strengthen its market position in Germany over the last years. We are convinced that WERU is very well positioned for further growth as part of DOVISTA, and we wish Stefan Löbich and his team every success for the future.”
WERU is a leading German manufacturer of high-quality windows and external doors of residential buildings with a full range of frame materials and is headquartered in Rudersberg, Baden-Württemberg. WERU offers premium- and luxury products and WERU is perceived as a quality leader in the market. Among its competitors, WERU provides outstanding service quality, lead time, delivery reliability, and after sales support for specialist retailers. WERU has a renowned and distinguished brand, a "Made-in-Germany" reputation and a clear USP. WERU was awarded with "Deutsche Standards - Marke des Jahrhunderts" in 2019.
DOVISTA is a leading solution provider of vertical windows and exterior doors made from wood and wood/aluminium on the North European market. DOVISTA was founded in 2004 and is headquartered in Horsens, Denmark and today, more than 4,000 employees manufacture and distribute vertical windows and exterior doors to the core markets: Denmark, Sweden, Norway, the UK, and Ireland.
DOVISTA consists of nine distinctive brands with strong local roots that together represent about 600 years of experience within manufacturing of vertical windows and exterior doors: VELFAC, Rationel, SP Fönster, Traryd Fönster, Mockfjärds, O H Industri, Natre, Lian, and KRONE.
Every DOVISTA brand has its own market strategies, firmly anchored in its local markets, and closely connected to its customers. The brands also collaborate to create knowledge and synergies between the brands and strengthen the shared competences and qualities of the DOVISTA Group.
DOVISTA is part of the VKR Group and thereby, a sister company to VELUX. The VKR Group is owned by VKR Holding A/S, a limited company with a non-profit, charitable foundation as largest shareholder.
For more information, please refer to the DOVISTA website at www.DOVISTA.com
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over €36 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €27 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.