Horizon Global Corp. has announced its acquisition of the Westfalia Group, a towing company comprised of the Westfalia Automotive, Siarr and Terwa brands. The acquisition is comprised of approximately €89 million cash (approximately US $100.5 million) and assumed net debt of €42 million (approx. US $47.5 million). According to the company, this will lead to an increased European presence and low-cost manufacturing in Romania. DPE Deutsche Private Equity, the former owners of the Westfalia Group, will become shareholders in Horizon Global as a result of the transaction.
Westfalia is the inventor of the European ball towbar and has been manufacturing towing products since 1932. Offering more than 1,700 different types of towbars, Westfalia is headquartered in Rheda-Wiedenbrück, Germany. Westfalia holds approximately 100 towbar patents and more than 30 transport system patents, operating facilities in 11 countries.
“Our company is extremely pleased to add the iconic brands, design innovation, and manufacturing expertise of Westfalia to our proven global platform,” said A. Mark Zeffiro, president and chief executive officer of Horizon Global. “This significant acquisition will be a very positive statement regarding the strength of our company and our confidence in our ability to grow both existing and newly acquired brands around the world. We are pleased to welcome the entire Westfalia team to the Horizon Global family. This transaction promises to deliver significant opportunities for future growth and meaningful earnings accretion that will generate an attractive return for all Horizon Global shareholders.”
For more information, visit the Horizon Global website.
