H2 Equity sells Brink Group to trade for €169m

H2 made the divestment from its 2010-vintage €300m Fund IV. The vehicle held a final close in May 2011 at its target.

Listed Horizon Global is the Troy-based designer, manufacturer and distributor of towing, trailering, cargo management and other related accessory products. Its market cap is $338m.

The new ownership will enhance Brink's product innovation and manufacturing capabilities. The combined company will have approximately 5,300 employees, operating 67 facilities in 21 countries.

Previous funding
Brink was acquired by Nordic Capital in 2007 as part of the GP's €1.3bn secondary buyout of Swedish automobile accessories business Thule Group. Seven years later, Brink was spun out of Thule Group, which Nordic Capital listed a few months later in a SEK 7bn IPO.

In 2015, Nordic Capital sold Brink to H2 in a secondary buyout.

Company
Brink is a Dutch manufacturer of towbars that was spun out of Thule in 2014. The company develops and produces tow bars in close collaboration with most major car manufacturers in Europe, both under private label for original parts (OE), and under the brand Brink for the aftermarket. The company is headquartered in Staphorst.

With annual revenues of approximately $150m, Brink employs 700 staff in eight countries.

People
Horizon Global – Mark Zeffiro (president, CEO).

Advisers
Acquirer – Jefferies (M&A); EY (financial due diligence); Eversheds (legal).
Company – Houlihan Lokey (commercial due diligence); Deloitte Transaction Services (financial due diligence); Roland Berger (commercial due diligence); Houthoff (legal).

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• Trade sale