Cowen has successfully advised H.I.G. Capital (“H.I.G.“), a leading global alternative investment firm, on the sale of WERU Group (“WERU”) to DOVISTA A/S (“DOVISTA”). The transaction is subject to clearance by the relevant antitrust authorities.
WERU, a leading manufacturer of PVC windows and doors in Germany, was acquired by H.I.G. in 2014, and subsequently acquired UNILUX, a specialist in manufacturing wood-based windows and doors to expand its product portfolio. During H.I.G.’s ownership, WERU modernized the Company’s production facilities, launched new products, and implemented various digital innovations. Headquartered near Stuttgart in Germany, WERU sells its product offering via a broad network of more than 1,700 specialized retailers and has more than 1,100 employees across its three manufacturing sites in Germany.
Dr. Klaas Reineke, Managing Director at H.I.G., comments: “We are pleased to have found the right owner with DOVISTA to further expand the successful course of the WERU Group. We at H.I.G. would like to thank Cowen for their professional and competent support throughout the entire sales process.”
H.I.G. is a leading global alternative assets investment firm with over €36 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €27 billion.
DOVISTA is a leading solution provider of vertical windows and exterior doors made from wood and wood/aluminium on the North European market. DOVISTA was founded in 2004 and is headquartered in Horsens, Denmark and today, more than 4,000 employees manufacture and distribute vertical windows and exterior doors to the core markets: Denmark, Sweden, Norway, the UK, and Ireland. DOVISTA consists of nine distinctive brands with strong local roots that together represent about 600 years of experience within manufacturing of vertical windows and exterior doors: VELFAC, Rationel, SP Fönster, Traryd Fönster, Mockfjärds, OH Industri, Natre, Lian, and KRONE. Every DOVISTA brand has its own market strategies, firmly anchored in its local markets, and closely connected to its customers. DOVISTA is part of the VKR Group and thereby, a sister company to VELUX. The VKR Group is owned by VKR Holding A/S, a limited company with a non-profit, charitable foundation as largest shareholder.
WERU is a leading German manufacturer of high-quality windows and external doors of residential buildings with a full range of frame materials and is headquartered in Rudersberg, Baden-Württemberg. WERU offers premium- and luxury products and WERU is perceived as a quality leader in the market. Among its competitors, WERU provides outstanding service quality, lead time, delivery reliability, and after sales support for specialist retailers. WERU has a renowned and distinguished brand, a “Made-in-Germany” reputation and a clear USP. WERU was awarded with “Deutsche Standards – Marke des Jahrhunderts” in 2019.