New owner for Time
The Time/Versalift group has been acquired from private equity owners the Sterling Group by private equity firm H.I.G. Capital. Originally acquired from O’Flaherty Holdings in 2017
, the deal now includes the entire Time Manufacturing business, comprising Versalift, Ruthmann, BlueLift, BrandFX and Aspen Aerials.
Miami, Florida based H.I.G. was founded in 1993 and today has assets of more than $45 billion under management covering a wide range of sectors and companies. It is a global business with offices in 18 cities across Europe and the Americas.
A statement with the press release said: “The H.I.G transaction will catalyse the company’s global growth plan, which has been in place since 2017. Since that time, Time Manufacturing has experienced significant profitable growth, both domestically and internationally, including nine acquisitions and the addition of distribution hubs across Europe and in Asia. The acquisition will allow Time Manufacturing to continue to strengthen its ability to support its growing base of infrastructure customers.
Time chief executive Curt Howell added: “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.”
Tenno Tsai, the H.I.G. managing director at the New York office, said: “We are thrilled to partner with Curt and the management team again, having worked together on a prior successful investment. The company’s commitment to safety, quality and service across its global footprint uniquely positions it to capitalise 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’s Hamburg office, 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.”
This is an interesting move. With four years of ownership under its belt and a number of significant acquisitions which has begun to transform the Time business, the timing for an exit is ideal. The acquisition is unlikely to change anything significantly, although it does bring in a fresh ownership team with a more international outlook and coverage. The big unknown is whether they are keen to add further acquisitions and if so, in what areas. The group already comprehensively covers the vehicle mounted lift market, at least in product terms, but could add some further coverage in North America, Australasia and Asia. Interesting times.