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H.I.G. WhiteHorse Supports the Refinancing of Kelvin Hughes
LONDON – August 8, 2013 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged and provided a £28.4m unitranche debt financing for Kelvin Hughes, the world’s leading supplier of maritime navigational data and a leader in the design and manufacture of surveillance radars and navigation systems.
With the new support of H.I.G. WhiteHorse and continued support of its majority shareholder ECI Partners, Kelvin Hughes will be further leveraging its global market leading position as a supplier of maritime navigational data and continue developing radar solutions globally.
Appu Mundassery, Managing Director at H.I.G. WhiteHorse, said: “We are pleased to support Kelvin Hughes with a financing package that allows the business to grow, unencumbered, to the next stage. Kelvin Hughes has fantastic products and we are proud to support such a strong management team, allowing them to broaden their product offering and reach”.
Ken Lindsay, a Managing Director of ECI Partners, added: “H.I.G. WhiteHorse have been supportive, pragmatic and helpful in their approach to the refinancing and we look forward to working together with them.”
Russell Gould, Chief Executive Officer of Kelvin Hughes, commented: “We are pleased to have chosen H.I.G. WhiteHorse as a supportive financing partner. Kelvin Hughes will benefit enormously from this new relationship and the new structure will allow the business to develop further its global platform and build on its already established reputation for technical innovation.”
About Kelvin Hughes
Headquartered in Enfield, UK, Kelvin Hughes operates globally via its 10 overseas offices and network of key agents and distributors. The company is one of the best established names for aids to navigation, with a history stretching back to the 1750s. Kelvin Hughes employs over 350 people and operates through two distinct divisions: KH Charts, which supplies paper charts, electronic charts, chart updates, data delivery services and nautical instruments, and Surveillance Systems, which, provides radar system solutions meeting the surveillance, safety, and security needs of the world’s navies, coastal and border operators, and security patrols. In addition, the division manufactures navigation radars, Electronic Chart Display and Information Systems (ECDIS) and Voyage Data Recorders (VDRs) for commercial vessels.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more.
For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com
About H.I.G. Capital
H.I.G. Capital is a leading global investment firm with more than €10 billion of equity capital under management. Based in Miami, H.I.G. Capital has offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris and Rio de Janeiro.