Parent company BIC Group has agreed to sell BIC Graphic North America (BGNA, asi/40480) as well as its Asian sourcing division to an affiliate of private equity firm H.I.G. Capital. Financial terms of the acquisition, expected to close by June 30, were not immediately disclosed. Per the agreement, BIC Graphic’s management team will continue to run the business going forward.
“We are excited about partnering with H.I.G. for the next stage of our growth,” said Emmanuel Bruno, general manager of BIC Graphic North America, in a statement. “We believe that they are the right partners to support our strategy and invest in our future.”
Miami-based H.I.G. Capital is an investment firm with $21 billion of equity capital under management. The firm formerly owned distributor HALO (asi/356000), acquiring the Top 40 company in 2003 through a bankruptcy sale. H.I.G. sold HALO to another private equity firm in 2007 for $62.5 million.
H.I.G.’s current portfolio includes firms in a variety of sectors, including manufacturing, media, healthcare, consumer products and automotive. “We are very excited to partner with the BGNA team,” said Camilo E. Horvilleur, managing director at H.I.G. “We believe BGNA is a differentiated leader in a consolidating market due to its compelling customer value proposition. We see tremendous opportunities in the business and are excited to support their growth as they continue to broaden and deepen their customer relationships.”
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