HEIL TRAILER INTERNATIONAL, CO. ANNOUCES COMPLETION OF CARVE-OUT FROM DOVER; COMPANY ONCE AGAIN AN INDEPENDENT BUSINESS
ATHENS, TN – Heil Trailer International (“Heil Trailer” or the “Company”), a leading global provider of engineered tank and specialty trailers for a diverse range of end markets including oil and gas and infrastructure, announced today the completion of its carve-out from Dover Corporation and sale to American Industrial Partners.
Heil Trailer was founded in Wisconsin in 1901 and is headquartered in Athens, TN. The Company is a global enterprise with three manufacturing facilities located in North America and facilities in both Thailand and Argentina which address the growing emerging markets of Asia and Latin America. The Company’s products include liquid, dry-bulk and specialty trailers.
Concurrent with the transaction close, the Company has appointed Randall Swift as its CEO. Prior to joining Heil Trailer, Mr. Swift was CEO of Allied Specialty Vehicles, Inc. (“ASV”), a $1 billion sales manufacturer of a diverse range of specially vehicles including ambulances, terminal trucks, fire trucks, school buses, and motorized RV’s, among other products. ASV is a portfolio company of American Industrial Partners. In addition, Bob Foster has re-joined Heil Trailer as its Chairman of the Board. Mr. Foster was President of Heil Trailer for 15 years prior to his retirement in 2006 where he successfully led a number of growth initiatives which more than doubled the size of Heil Trailer and globally diversified the Company.
Randall Swift, Chief Executive Officer of Heil Trailer, said, “Heil Trailer is one of the longstanding leaders in the marketplace due in large part to the talents of its people. I look forward to working with each of them to grow and enhance Heil Trailer’s leadership position.”
Bob Foster, Chairman of the Board of Heil Trailer commented “I look forward to continuing to focus the Company on the fundamental elements of what built Heil Trailer into the business it is today – taking care of our customers and manufacturing the highest quality products in the industry. I am very pleased to be once again part of an independent Heil Trailer.”
“AIP is very excited about the purchase of Heil Trailer” said Danny Davis of American Industrial Partners. “The Company’s brand is one of the most respected in the industry and it is well positioned for growth both in North America as well as globally. We believe that AIP will be a value-added partner for the Company going forward.”
Background of American Industrial Partners
American Industrial Partners is an operationally oriented middle-market private equity firm that makes control investments in North American-based industrial businesses serving domestic and global markets. American Industrial Partners has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, the Firm has completed over 30 transactions and is currently managing more than $1.1 billion in equity capital. American Industrial Partners invests in all forms of corporate divestitures, management buyouts, recapitalizations, and going-private transactions of established businesses with revenues of $100 million to $500 million. On December 15, 2011, American Industrial Partners announced the first and final closing of American Industrial Partners Capital Fund V, L.P. (“Fund V”) at $700.0 million, excluding the GP commitment of $17.5 million. American Industrial Partners exceeded its target of $500 million and closed at its hard cap with broad support from both existing and new investors.