Wieringerwerf, 18 October 2011
HGG’s board of directors, announces the completion of their purchase of 70% of the share capital of the HGG Group from the original founding shareholder for an undisclosed sum. HGG provides 3D profiling solutions for various industries worldwide since 1984.
Based in the Netherlands and founded in 1984 as a manufacturer of computer controlled pipe cutting machines, HGG was guided by its sole shareholder, Pieter Glijnis. In 1995 the management became a stakeholder when it acquired a small percentage of the shares. The current purchase of 70% of the share capital represents a decisive step in HGG’s 5 year strategy targeting 100% growth through further expansion of its activities by a combination of organic growth and technological acquisition.
The purchase is financed and supported by the ING Bank, Fay Advisory as well as CORP., an Amsterdam based law firm specializing in private equity and venture capital.
Mark Helder, Managing Director, comments: “We are thrilled to have completed the purchase of 70 % of the share capital of the HGG Group. The board looks forward to the future with real confidence and optimism. The purchase allows us to fulfill our long term ambitions, whilst creating even more opportunity for growth and technological innovation. We also believe that it is a massive vote of confidence in both the business and the industry sectors, that we operate within, that the ING Bank is backing us and our vision of the future so strongly, despite the turbulent global economic environment."
As an international group of companies, the HGG Group specializes in 3D steel cutting of pipes, profiles and beams, having approximately 100 employees located in Netherlands, Germany, United Kingdom, Philippines, China, India and the USA.
As a specialist machine building company, HGG develops CNC controlled cutting machines, providing 3D weld preps on thick-walled, steel pipes, profiles and beams. The company also operates as a contracting company, allowing third parties to outsource their cutting jobs to one of HGG’s international service centers. HGG’s strength lies in this unique synergy together with continuous innovation of in-house developed software, controls and engineering.
HGG’s strong international network, covering wide variety of sectors of industries involved in heavy steel fabrication, allows very fast time-to-market and supports targeted growth.