H.I.G. Capital, L.L.C.
1001 Brickell Bay Drive
Miami, FL 33131
H.I.G. Capital Announces Sale of All Metal Services Ltd to Aluminum Services (UK) Limited
MIAMI - April 5, 2007 - H.I.G. Capital, a leading international private equity firm based in Miami, Florida, announced today that it has completed the sale of its 50% interest in All Metal Services Ltd ("AMS") to David Potts, the founder of AMS, and his partner Terry Stocker who now collectively own 100% of AMS and serve as the company's executive management.
AMS (www.allmetal.co.uk/index.htm), headquartered in London, England, is a world-wide specialist in the distribution of high performance alloys to the aerospace market. Offering its customers the widest available selection of aerospace grade metals outside of the U.S., AMS has annual revenues in excess of $200 million. AMS operates through five facilities in the United Kingdom with an additional 5 international sales offices providing export capabilities to over 35 countries globally. H.I.G. acquired its interest in AMS in December 2002. Since that time, H.I.G. and the AMS management team have worked together to successfully grow the business by over 100% while at the same time driving margins substantially higher.
Matt Sanford, Managing Director of H.I.G., commented, "Working with AMS, Terry Stocker and David Potts has been a very good experience. Terry and David are savvy businessmen who understand their industry and the markets in which they participate, and drive AMS to provide the highest levels of service to their customers. This transaction provides our investors with a very attractive exit while also allowing Terry and David to achieve their goal of 100% ownership of the firm that they founded and have grown into a market leader. We wish Terry, David, and all the employees at AMS continued success in their future endeavors."
About H.I.G. Capital
H.I.G. Capital L.L.C. ("H.I.G.") is a leading private equity and venture capital investment firm with more than $3.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the United States, and affiliate offices in London, Paris and Hamburg, in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.