Leading Global Manufacturer of Movable Partitions Marks Sixth Transaction in OpenGate Capital's First Institutional Fund
LOS ANGELES--(Business Wire
) September 6, 2017 -- OpenGate Capital, a global private equity firm, announced today that it has acquired Hufcor, Inc. (“Hufcor”), the world leader in the design, manufacturing and installation of movable partitions and flexible space management solutions. Terms of the transaction were not disclosed.
Founded in 1900 with headquarters in Janesville, Wisconsin, Hufcor is the most installed brand of operable partitions worldwide. Hufcor offers its customers a global solution through dedicated manufacturing facilities in the United States, Australia, New Zealand, Germany, China and Malaysia. With its vast distribution network, the company’s products have been installed in hotels, convention centers, schools, universities and places of worship throughout the world.
Andrew Nikou, founder and CEO at OpenGate Capital, stated, “As OpenGate Capital manages a global portfolio of businesses in a broad array of industries, Hufcor represents an exciting addition as a category leader providing superb quality products and services to a variety of businesses around the world. Our team has worked diligently with the seller to complete a customized divestiture solution, and I am incredibly proud of the efforts of our M&A and Operations team.”
Leading the transaction was Matthias Gundlach, a Senior Principal in OpenGate’s Los Angeles office. Gundlach commented, “Hufcor’s strong leadership position will be bolstered through new product innovation, a continued focus on service and branding and we are thrilled to be joining forces with the management team to drive the next era of growth at Hufcor.”
Hufcor’s CEO, Kevin Flanagan, said that Hufcor and OpenGate were an exceptional fit.
“The acquisition of Hufcor by OpenGate Capital is exciting news for Hufcor’s employees, numerous global partners and customers. Management is excited to be partnering with OpenGate to accelerate its growth plan. OpenGate’s global presence and focus will assist Hufcor in reaching its full potential - operationally and commercially,” said Flanagan.
Hufcor represents the sixth acquisition through OpenGate Capital’s first institutional fund following the firm’s 2016 acquisitions of Power Partners, Energi Fenestration Solutions, Bois & Matériaux, Alfatherm and EverZinc.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and has a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital, through its legacy and fund investments, has executed more than 30 acquisitions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special-situation investments. To learn more about OpenGate, please visit www.opengatecapital.com
At Hufcor, we exist to shape the experience that people have within a built environment - we’re in the business of space management. Offering the widest range of glass, operable, vertical lift and accordion partitions, our products shape space by providing flexible sight and sound separation, and enable our customers to control the atmosphere and experience of their space. Shaping your experience isn’t just about what we do, but how we approach business. Committed to advancing what’s possible in space management, we are consultants that have more, do more, and deliver more for our customers. Every day we work with architects, contractors, and building owners across markets to help them maximize the utilization of their space to realize what’s possible. We shape our customer’s experience through the breadth and quality of our expertise, capabilities and products along with our inherent drive to solve problems. This uniquely positions Hufcor to reliably deliver exactly what’s needed. To learn more about Hufcor, please visit www.hufcor.com
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