HIG to Close Shapes/Arch Acquisition

July 16, 2008
Miami-based private equity group HIG Capital LLC will close its $91.5 million acquisition of Accu-Weld LLC parent company Shapes/Arch Holdings LLC on July 31, according to a report in the Courier Post in Camden, N.J.

The Delair, N.J.-based Shapes/Arch filed for Chapter 11 bankruptcy protection in March, citing the decline in the construction market. At the time, the company planned to re-organize and emerge from bankruptcy with the financial support of Philadelphia-based Versa Capital Management. However, creditors objected and Versa dropped out.

As part of the sale, HIG will assume $60 million in debt from Shapes’ bankruptcy plan.

HIG Capital, with more than $7 billion of equity capital under management, is currently involved in the window and door industry through its acquisition of Canadian manufacturer Gienow Windows & Doors last year.

In addition to Accu-Weld and Ultra Hardware, Shapes/Arch also operates Shapes LLC, an aluminum extrusion business.