H.I.G. Acquires DynaSteel Corporation
The transaction is a partnership with DynaSteel management.
July 15, 2008
H.I.G. Capital, a private equity firm based in Miami, Florida, has acquired DynaSteel Corporation. The transaction was a management-partnered recapitalization.
Jim Russell, DynaSteel chief executive officer, said, “The recapitalization of DynaSteel allows us to continue growing our customer base across multiple end markets and expanding our facilities, and gives us the flexibility to support our customers as they keep up with ever tightening environmental regulations."
Richard Stokes of H.I.G. Capital, said, “We have great confidence in the management team as operators and believe that the partnership between DynaSteel and H.I.G. will facilitate and expedite our collective goal to grow the company to a position as the pre-eminent provider of high quality fabricated air quality products.”
DynaSteel, which was founded in 1970 fabricates air handling systems for the power, cement, petrochem and other industries.
H.I.G. invests over $7.5 billion under management, and has a portfolio with combined revenues over $7 billion. Earlier this month, H.I.G. sold portfolio company Source Electronics Corporation to Avnet, an electronics distributor.
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