NEW YORK, LONDON and SAN JUAN, Puerto Rico, Jan. 6, 2014 /PRNewswire/ -- Oak Hill Advisors, L.P. and OHorizons Global, Inc. announced today the acquisition of Druckguss Heidenau GmbH, Druckguss Hof GmbH, and Zerspanungs-und Industrie-technik Dohna GmbH from insolvency administrator Dr. Franz-Ludwig Danko. The assets have been acquired by newly formed entities DGH Heidenau GmbH & Co. KG, DGH Hof GmbH & Co. KG, and DGH ZIT GmbH & Co. KG (collectively "DGH-Group" or "the company") and will continue to be headquartered in Dohna, Germany.
Volker J. Barth will serve as DGH-Group's Executive Chairman. Mr. Barth has more than 40 years of experience in senior leadership roles at global automotive vehicle manufacturers and suppliers. Prior to joining the OHorizons global network, his roles included President of Delphi Automotive Systems Europe and President of Delphi Automotive Systems South America.
DGH-Group is a leading supplier of complex, large- and medium-sized aluminum and magnesium high pressure die casting components primarily for the automotive industry, with manufacturing facilities located in Dohna and Hof, Germany. The company provides the full value chain of die casting services, including development, tooling, prototyping, high pressure die casting, machining, and assembly of highly complex powertrain components. Its customers include premier automotive manufacturers and suppliers such as Audi, VW, BMW, Getrag, Getrag Ford Transmissions, and Mann+Hummel. The predecessor entities filed for insolvency in June 2012 and continued to serve customers with uninterrupted operations throughout the insolvency process.
Jeffrey Kirt, a Partner at Oak Hill Advisors, said, "We are very excited about the potential of the DGH-Group assets and delighted to be partnering with OHorizons Global. It is our hope that this will be the first of multiple acquisitions we will be making with OHorizons Global in the European automotive industry."
Mr. Barth said, "We are very pleased to be teaming up with Oak Hill Advisors on this exciting acquisition. Throughout its challenging insolvency period, DGH-Group and its employees continued to manufacture highly complex powertrain components while maintaining a superior level of quality and service for its customers. Accordingly, we and Oak Hill Advisors would like to thank the employees, customers, and suppliers of DGH-Group as well as Dr. Danko for their commitment to the company over the last 18 months. We intend to leverage the company's existing competencies and highly-skilled workforce to establish DGH-Group as a stable, world-class supplier and a value-added partner for our customers. The company will continue to focus on flawless execution and customer service as it seeks to expand its customer base in both German and international markets."
Noerr LLP served as legal advisor to the purchasers for the transactions.
About Oak Hill Advisors
Oak Hill Advisors, L.P. is a leading independent investment firm specializing in distressed and performing investments across the North American and European leveraged and structured credit markets. With more than $20 billion of capital, Oak Hill Advisors manages distressed funds, credit hedge funds, customized mandates and other specialty credit funds. Oak Hill Advisors employs a fundamental, value-oriented strategy focused on credit analysis, relative value and active risk management that has been in place for more than two decades. The firm invests on behalf of a diverse, global investor group. For further information about Oak Hill Advisors, please visit www.oakhilladvisors.com.
About OHorizons Global
OHorizons Global, Inc. is a management consulting firm, and private investor based in San Juan, Puerto Rico, providing strategic, operational and financial services to investment firms, multi-nationals, state owned groups and privately-held companies. OHorizons Global, Inc. is part of the larger OHorizons global network that focuses on the automotive, industrials and transportation industries, where its network of executives can leverage their experience and relationships to enhance shareholder value. The network of functional executives has global reach and deep experience, having run businesses, established and operated plants, launched products and expanded customer relationships within and across regions. For further information about the OHorizons global network, please visit www.ohorizonsglobal.com.
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