LOS ANGELES and BAD SOBERNHEIM, Germany, Feb. 15, 2012
/PRNewswire-Asia/ -- The Gores Group, a leading Los Angeles-based
private equity firm, today announced that through an affiliate it
has completed the acquisition of The Hay Group, one of the leading
European manufacturers of high precision forged and machined
components for engines, gearboxes and axles for the automotive,
commercial vehicle and bearing industries. Terms of the transaction
were not disclosed.
Founded in 1925, The Hay Group has nearly 1,600 employees between
its three German manufacturing operations sites. Part of the
strategy under the new ownership will be to expand The Hay Group's
operations into Asia to meet the demands and requirements of its
customers.
Fernando Goni, Managing Director of The Gores Group, stated, "We
are delighted to close this transaction. The Hay Group provides The
Gores Group with a tremendous opportunity to expand upon our
current automotive supplier industry holdings, particularly in the
provision of strategic products to key German vehicle manufacturers
and other tier I suppliers. We are delighted to continue to work
with Prof. Dr. Gottschalk and his team in taking the company into
the next phase of development."
Prof. Dr. Bernd Gottschalk, Chairman of The Hay Group and Managing
Partner of the consulting firm AutoValue GmbH: "We are very proud
to have succeeded in restoring Hay's operating performance and look
forward to transforming the company to an even higher level of
performing. The strong capital base of The Gores Group will help us
secure Hay's future growth and expansion into Asia."
Mr. Goni, added, "The acquisition of The Hay Group confirms our
already strong position in Europe, as reflected by our most recent
investments in Mexx, Sagem Communications, Siemens Enterprise
Communications and Vincotech."
About The Gores Group, LLC
The Gores Group, LLC is a private equity firm focused on acquiring
controlling interests in mature and growing businesses which can
benefit from the firm's operating experience and flexible capital
base. The firm combines the operational expertise and detailed due
diligence capabilities of a strategic buyer with the seasoned
M&A team of a traditional financial buyer. The Gores Group,
which was founded in 1987 by Alec E. Gores, has become a leading
investor having demonstrated over time a reliable track record of
creating substantial value in its portfolio companies alongside
management. Headquartered in Los Angeles, the Gores Group maintains
offices in Boulder, CO, and London. For more information, please
visit www.gores.com
About The Hay Group
The Hay Group was founded in 1925 by Johann Hay and has over the
past 85 years developed into a leading European supplier of forged
and machined components to the international automotive and
commercial vehicle as well as the bearing industries. The company
has production facilities in Bad Sobernheim and Bockenau,
Rhineland-Palatinate, and in L邦chow, Lower Saxony. For more
information, please visit www.hay.de
SOURCE﹛The Gores Group