Triton completes sale of WERU to H.I.G. Capital
Rudersberg (Germany), 16 January 2014 - Funds advised by Triton have successfully closed the deal to sell WERU GmbH, Germany's leading manufacturer of windows, doors and carports, to private equity firm H.I.G. Capital. Triton has supported the business for the past fourteen years. The deal was signed on the 20th of November 2013.
"In the past years, despite challenging market dynamics, WERU has not only been able to reduce debt but also build a solid foundation for further expansion. Through appropriate investment of both time and capital, WERU is virtually debt free today" said Peder Prahl, Director of the General Partner of the Triton funds. "We are confident that WERU will continue to grow under H.I.G.'s ownership."
Acquired in 1999, WERU was the first investment of the Triton Funds. In spite of a rapidly shrinking European window market, WERU was able to maintain a leading market position through a targeted investment programme in efficiency, the sales organisation and new products. Triton provided the company with fresh capital several times during this period. In 2012 WERU generated a turnover of approximately EUR 143m.
WERU maintains two production locations: at its headquarters in Rudersberg, near Stuttgart, and in Triptis, near Leipzig. The company has around 1,000 people. With an annual output of approximately 460,000 windows and 14,300 doors, WERU is one of Europe's largest window manufacturers. In 2012 the company generated a turnover of around EUR 143m.
For more information about WERU GmbH, please visit our website at www.WERU.de
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer/Health sectors.
Founded in 1997, Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 24 companies currently in Triton's portfolio have combined sales of approximately EUR 12.8 billion and over 53,000 employees.
The Triton funds are advised by dedicated teams of investment professionals based in Germany, Sweden, United Kingdom, Luxembourg and Jersey.
For further information: www.triton-partners.com