H.I.G. Capital Sells its Interest in Orius Corp.
MIAMI - December 22, 1999 - H.I.G. Capital, a Miami based private equity firm with over $750 million of capital under management, announced that it has completed the sale of its interest in, Orius Corp., based in West Palm Beach, Florida to LISN Holdings, Inc.
Orius, with revenues of approximately $350 million, was formed in 1998 by H.I.G. Capital and management to consolidate the fragmented telecommunications infrastructure construction industry. Orius' customers include many of the country's largest cable TV and telephone companies. The purchase price was approximately $500 million. Other terms were not disclosed.
Sami Mnaymneh, Managing Director of H.I.G., observed: "We are very pleased with the success of Orius, which in less than two years emerged as one of the top two or three competitors in the industry."
H.I.G. Capital, which targets the acquisition of profitable companies with revenues up to $250 million, as well as growth capital investments in early stage technology companies, currently has over 40 investments with combined revenues in excess of $3 billion.