HIG Europe's Weru completes bolt-on investment

Harriet Bailey
27 March 2014

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HIG-backed window and door manufacturer Weru has acquired competitor Unilux as part of the GP's strategy to expand the firm across Germany and neighbouring countries.

The deal comes only three months after HIG Capital invested in the company through its European arm HIG Europe.

According to a source close to the deal, HIG provided additional financing to facilitate the bolt-on.

Weru is now the sole owner of the company, having previously acquired 50% of Unilux. The addition of Unilux will strengthen Weru's sales and enhance its product offering.

Weru manufactures windows and doors as well as related products for building and renovating, with a focus on polyvinyl chloride and aluminium products. The firm produces around 460,000 windows and 15,000 doors a year for around 800 specialist traders from its headquarters in Rudersberg, near Stuttgart. The company achieved revenues of €143m in 2012.

HIG's most recent investment was in Dorset-based Kondor, a provider of mobile and consumer electronics accessories. Capital for the management buyout came from its newest fund, HIG Europe Capital Partners II.

Company
Located in Salmtal, Rhineland-Palatinate, Unilux supplies windows and doors for private housing. The firm produces 110,000 windows and 3,400 doors annually. Approximately 500 people are amployed by Unilux, which had revenues of more than €50m for the financial year 2012-13.

People
Harald Pichler is CEO of Weru. Wolfgang Biedermann is managing director of HIG and chairman of Weru's supervisory board.

Advisers
Equity - Vogt Wunsch Holler (Legal); AC Christes (Financial due diligence).