Horizon Global Corporation, a leading manufacturer of branded towing and trailering equipment, completed its acquisition of Westfalia-Automotive and Terwa, collectively referred to as Westfalia, a European-based leader in towing and trailering products.
The businesses were acquired from an investor consortium led by DPE Deutsche Private Equity, which is now a shareholder of Horizon Global. The companies initially announced plans for the transaction on August 25, 2016.
With the acquisition of Westfalia, Horizon Global now becomes an approximately $850 million global business and the leading manufacturer of towing and trailering equipment in Europe. Through a significantly expanded global footprint and a much wider network of customers for its industry-leading products, the Company is well-positioned for continued growth in both revenue and profit.
“The completion of this acquisition marks a transformational day in our Company’s history,” said A. Mark Zeffiro, president and chief executive officer of Horizon Global. “We are thrilled to add Westfalia’s iconic brands, design innovation, and manufacturing expertise to our proven global platform. Incorporating Westfalia into the Horizon Global family positions us to increase operational efficiencies and accelerate product innovation, meeting the needs and exceeding the expectations of our customers. Further, Westfalia greatly complements our business and adds to a powerful portfolio of companies that are established, global market leaders and innovators. This acquisition expands our brands’ regional and global profiles, allowing us to provide a broadened product offering to both new and current customer channels.
“Of particular note, this acquisition is especially beneficial for customers of TriMotive, the OE division of Horizon Global, as it will allow for truly global relationships with our OE customers,” continued Zeffiro. “Our customers will continue to benefit from the Company’s best in class technology and manufacturing practices, as well as the industry knowledge of our global teams. The addition of Westfalia greatly enhances Horizon Global’s mission to better serve and grow with our customers, engage with our employees, and realize value creation for our shareholders.”