H.I.G. Capital, LLC
H.I.G. Capital Completes the Divestiture of Total Automated Solutions, Inc.
September 25, 2003 - H.I.G. Capital, a Miami based private equity firm, announced that it has completed the sale of Total Automated Solutions, Inc. (“TASI”), based in Cincinnati, Ohio to Industrial Growth Partners (“IGP”), a private equity firm based in San Francisco. Terms of the transaction were not disclosed.
TASI is market leading provider of innovative test, measurement and assembly solutions. Through it facilities in Ohio, Wisconsin and Tennessee, and its numerous service centers around the world, TASI provides it customers with an extensive product and service offering. Its product line includes leak detection, function testing, flow measurement testing, and systems integration. TASI serves a wide customer base in a diverse range of end markets such as automotive, medical, electronics and consumer products, among others.
H.I.G. recapitalized TASI in 1998 in partnership with Fred McCoy, its founder and CEO. Leveraging its market leading position in the leak detection market, TASI implemented a comprehensive expansion plan, which included acquiring three strategic businesses, expanding geographically, and introducing several new test and measurement products. John Black, Managing Director at H.I.G, said, “TASI has been very successful in executing its growth plan, continuing to broaden its product offering, and developing true partnership relationships with its customers.”
H.I.G. Capital, a leading private equity investment firm with over $1.5 billion of equity capital under management, has a controlling interest in over 50 companies with combined revenues in excess of $5 billion. With offices in Miami, Atlanta, Boston, and San Francisco, H.I.G. specializes in the acquisition of leading middle market companies with strong growth potential.