Horizon Global Completes Sale of Asia Pacific Business Segment
Horizon Global Corporation (NYSE: HZN), the world’s leading manufacturer of branded towing and trailering equipment, announced the closing of the sale of the Company’s Asia Pacific (APAC) business segment to Pacific Equity Partners (PEP) for AUD $340 million (approximately USD $233 million) in cash, subject to customary closing adjustments. Horizon Global will use the net proceeds to significantly reduce its debt and allow for increased financial flexibility.
Carl Bizon, President and Chief Executive Officer of Horizon Global, commented, “We would like to thank the APAC team for its contributions to Horizon Global and its leadership throughout the sale process. We believe the APAC business will continue to perform well under its new ownership.”
Bizon continued, “We view the sale process as a success, and will use a substantial portion of the net proceeds to pay down our First Lien Term Loan. We are now better positioned to accelerate our ongoing business improvement efforts in our remaining segments and, importantly, continue to provide our customers with best-in-class towing and trailering solutions.”
Andrew Charlier, Managing Director of PEP, added, “APAC is led by an outstanding management team and has a track record of developing innovative products and solutions for its customers. We are excited to support management by investing in product development, geographical expansion, and the potential acquisition of additional brands in order to continue to deliver quality products and services to our customers.”
Jefferies LLC served as financial advisor, and Jones Day and Macpherson Kelley served as legal advisors to Horizon Global on the transaction.
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America, Australia and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company’s commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best-in-class products for our customers, engage our employees and create value for our shareholders.