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Stant and Pyongsan Announce Joint Venture Partnership for South Korean Operations
Partnership supports Stant's continued global expansion
CONNERSVILLE, INDIANA & SEOUL, SOUTH KOREA - July 11, 2012 - H.I.G. Capital, LLC, a leading global private equity investment firm, announced that its portfolio company, Stant Corporation (“Stant” or the “Company”), a leading, integrated global manufacturer of highly engineered vapor and fluid control components, has acquired a majority interest in Pyongsan-FT, which will be renamed Stant Korea Corporation. The JV will produce fuel filler tube components in South Korea for the Korean and Asian markets.
Based in South Korea, Pyongsan is a leading global supplier of HVAC equipment to the global automotive market. Pyongsan formed Pyongsan-FT in 2011 to manufacture fuel filler tubes to some of the leading automotive customers in Asia.
Stant CEO Mr. Curt Howell commented, "We are pleased to be partnering with a quality partner such as Pyongsan. Pyongsan has built a solid manufacturing operation that will serve as our platform in South Korea. This operation, which will manufacture fuel filler tubes to the local markets, represents Stant’s third operation in Asia, and further demonstrates our commitment to meet our customers’ increasingly global needs.”
Pyongsan President Mr. Francis Yoon, who will continue with the JV, added, "We are pleased to be partnering with Stant, whose industry leading R&D, manufacturing capabilities, and overall execution will help us deliver quality products to our current and future customers. We look forward to helping Stant in their commitment to grow their Asian operations."
"We are pleased to support Stant in its latest acquisition," commented Roman Krislav, a Principal with H.I.G. Capital. "This represents the third transaction for Stant consummated under H.I.G.’s ownership, and solidifies Stant’s position in the important Korean and other Asian markets. We believe the combination of Pyongsan’s local presence and Stant’s unparalleled vapor product expertise will be a unique, value-added combination for Stant’s Asian and global customers."
About Stant Corporation
Headquartered in Connersville, Indiana, Stant Corporation is a leading, integrated manufacturer of highly engineered vapor and fluid control components. These products are sold to a diversified group of global industrial and automotive original equipment manufacturers and automotive aftermarket customers. Stant has a distinguished 110 year history of delivering patented, innovative solutions to address two critical engine applications: (i) fuel systems, including fuel caps, fuel vapor control valves, and evaporative canisters to meet increasingly stringent domestic and international evaporative emission standards and (ii) cooling systems, including thermostats, thermostat housing subassemblies and radiator caps. The Company operates eight global manufacturing facilities including operations in the United States, Mexico, Czech Republic, Korea and China. Through these operations, Stant is able to provide its global customers with quality, just-in-time products and solutions to meet their increasing emissions control and cooling needs. For more information, please refer to the Stant website at http://www.stant.com.
About Pyongsan Corporation
Headquartered in South Korea, Pyongsan is a leading designer and manufacturer HVAC hoses and pipes for the automotive industry. Pyongsan is a global supplier with eight plants in South Korea, U.S., China and Thailand. Pyongsan possesses a full spectrum of state of the art engineering, manufacturing, and post-production resources, making it an invaluable partner to the leading global automotive manufacturers. The Company produces its products under long-term production contracts with its blue chip customer base.
About H.I.G. Capital
H.I.G. is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with 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, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 50 companies. For more information, please refer to the H.I.G. website at www.higcapital.com.