LOS ANGELES & BAD SOBERNHEIM, Germany - Tuesday, January 3rd 2012 [ME NewsWire]
(BUSINESS WIRE)-- The Gores Group, a leading Los Angeles-based private
equity firm, announced that through an affiliate it has signed an
agreement to acquire The Hay Group, one of the leading European
manufacturers of high precision forged and machined components for
engines, gearboxes and axles for the automotive, commercial vehicle and
bearing industries. Terms of the transaction were not disclosed.
The transaction is expected to close in February of 2012, subject to
customary closing conditions, including receipt of regulatory approval.
Founded in 1925, The Hay Group is headquartered in Bad Sobernheim,
Germany, and has nearly 1,600 employees between its three German
manufacturing operations sites (Bad Sobernheim, Bockenau and Lüchow).
Part of the strategy under the new ownership of The Gores Group will be
to expand its operations into Asia to meet the demands and requirements
of its customers.
Prof. Dr. Bernd Gottschalk, Chairman of The Hay Group and Managing
Partner of the consulting firm AutoValue GmbH: "It is extremely
gratifying that we have succeeded in restoring the operating performance
of Hay and in finding a new partner like The Gores Group, who will help
us secure the future growth for Hay given its operational expertise and
flexible and strong capital base.”
“The acquisition of The Hay Group provides The Gores Group with a
tremendous opportunity to expand upon our current automotive supplier
industry holdings, particularly in the provision of strategic products
to key German vehicle manufacturers and other tier I suppliers,” said
Fernando Goni, Managing Director of The Gores Group. “We are delighted
to continue to work with Prof. Dr. Gottschalk and his team in taking the
company into the next phase of development. This investment confirms
our already strong position in Europe, as reflected by our most recent
investments in Mexx, Sagem Communications, Siemens Enterprise
Communications and Vincotech, these last two also in Germany.”
About The Gores Group, LLC
The Gores Group, LLC is a private equity firm focused on acquiring
controlling interests in mature and growing businesses which can benefit
from the firm's operating experience and flexible capital base. The
firm combines the operational expertise and detailed due diligence
capabilities of a strategic buyer with the seasoned M&A team of a
traditional financial buyer. The Gores Group, which was founded in 1987
by Alec E. Gores, has become a leading investor having demonstrated over
time a reliable track record of creating substantial value in its
portfolio companies alongside management. Headquartered in Los Angeles,
the Gores Group maintains offices in Boulder, CO, and London. For more
information, please visit www.gores.com.
About The Hay Group
The Hay Group was founded by Johann Hay as a small forge supplying the
regional automobile manufacturers in 1925 and has over the past 85 years
developed into a leading European supplier of forged and machined
components to the international automotive and commercial vehicle as
well as the bearing industries. The company has production facilities in
Bad Sobernheim and Bockenau, Rhineland-Palatinate, and in Lüchow, Lower
Saxony. For more information, please visit www.hay.de.
Contacts
For The Gores Group, LLC
Frank Stefanik
(310) 209-3010
Terry Fahn
Sitrick And Company
(310) 788-2850
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