NEW YORK, December 03, 2021--(BUSINESS WIRE)--H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $45 billion of equity capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Time Manufacturing Holdings, LLC ("Time Manufacturing" or the "Company").
Headquartered in Waco, TX, Time Manufacturing is a global designer, manufacturer and distributor of vehicle-mounted aerial lifts for electric utility, telecommunications, infrastructure and forestry end markets. Today, the Company provides a robust line of equipment and services to support the specialized access needs of end customers around the world with nine manufacturing facilities and 30 distribution and service facilities globally.
Curt Howell, Chief Executive Officer of Time Manufacturing, commented, "We are excited to enter into this new chapter with H.I.G. as we continue to support our customers with best-in-class safety, quality and service, while providing our employees with a great place to work and grow in their careers. The resources and industry knowledge that H.I.G. brings, combined with its proven ability to help companies grow through acquisition, will allow us to accelerate our growth plan. With this partnership, we are confident we will expand our already industry-leading position and, most importantly, continue to satisfy the needs of our customers."
"We are thrilled to partner with Curt and the management team again, having worked together on a prior successful investment," said Tenno Tsai, Managing Director at H.I.G. "The Company’s commitment to safety, quality and service across its global footprint uniquely positions it to capitalize on growth opportunities. We look forward to supporting the Company’s next phase of growth by investing in new product development, geographic expansion, and complementary acquisitions."
Klaas Reineke, Managing Director at H.I.G., added, "We are delighted to support the Time Manufacturing management team to further strengthen the Company’s market position. The Company’s successful track record of expansion into Europe has established the Company as a global market leader. With cross-border support from H.I.G.’s U.S. and European teams, we are convinced that the Company is well-positioned to execute on a multitude of organic and inorganic growth opportunities ahead."
About Time Manufacturing Company
Time Manufacturing Company is a global manufacturer of bucket trucks, digger derricks, cable placers, truck bodies, buckets, and other specialty equipment for electric utility, telecommunications infrastructure, bridge inspection, tree care, and other fleet-supported industries. Selling via the Versalift, BrandFX, Aspen Aerials, Ruthmann, Steiger, Ecoline and Bluelift brands, the Company employs more than 2,000 associates worldwide. For more information, visit https://timemfg.com.
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
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