DPE sells Westfalia to Horizon Global for €125m

Horizon intends to fund the acquisition with €89m in cash, €36m in Horizon Global common stock and net debt of €42m. Following the deal, DPE will become the largest single shareholder in Horizon Global with a 10% stake. The buyer is a producer of towing, trailering and cargo management products.

During DPE's ownership, Westfalia acquired Romanian company Terwa in 2015, thereby expanding its production capacity and expanding its activities in eastern Europe for the purpose of cost saving. DPE also provided capital for the development of Westfalia's latest sensor-based tow bars.

The private equity firm claims 380 jobs were created during its ownership and sales grew by 50% to €220m.

Previous funding
In February 2011, DPE acquired all shares in Westfalia-Automotive from Odewald & Compagnie, WestLB and other shareholders for an undisclosed amount.

Company
Founded in 1932 and based in Rheda-Wiedenbrück, Westfalia-Automotive is a manufacturer of tow bars and cycle carriers for cars and light service vehicles. Its subsidiaries are SIARR in France and Monoflex in Sweden. The company has sales offices in the UK, Denmark, Italy, Poland, Russia and Finland.

People
Deutsche Private Equity – Volker Hichert (founding partner).
Westfalia-Automotive – Bernd Welzel (CEO).
Horizon Global – Mark Zeffiro (CEO).

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