HIG Capital takes over Triton's Weru

Kim Richters
21 November 2013

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HIG Capital has bought German windows and doors manufacturer Weru from fellow buyout house Triton.

HIG Capital, which invested in Weru through its European investment arm HIG Europe, aims to expand the company into neighbouring countries, a strategy that is likely to include acquisitions in the future.

Triton took Weru private in 1999, although only 6% of the firm was on free float at the time. The majority stake was held by corporation Caradon, which had bought around 94% of Weru in 1995. Triton supported the company with several follow-up investments, the GP stated.

Triton currently holds around 25 companies in its portfolio, with a combined revenue of approximately €12.3bn. It is said to have closed its latest fund Triton Fund IV on €3.3bn earlier this year, setting a new record for Germany.

HIG also closed its latest fund HIG European Capital Partners II this year; the GP raised €825m in just three months, exceeding its initial target of €760m.

Company
Weru manufactures windows and doors as well as related products for house building and renovating, with a focus on polyvinyl chloride and aluminum products. The firm produces around 460,000 windows and 14,300 doors a year for around 800 specialist traders.

In 2012, Weru reported a turnover of €143m while employing around 1,000 staff. The firm is based in Rudersberg, near Stuttgart, and has an additional office in Triptig, where it also operates two production sites.

Weru stated that, by 2014, 70% of its turnover will be generated by products created over the last three years.

People
Wolfgang Biedermann is managing director at HIG Europe, while Klaas Reineke is a director. Harald Pichler is Weru's CEO. Peder Prahl is a director at Triton.

Advisers
Equity – Rödl & Partner (Tax, financial due diligence); OC&C (Commercial due diligence); Voigt Wunsch Holler (Legal).