• May 10, 2011
  • Europe, North America

H.I.G. Europe Acquires Silentnight

LONDON – May 10, 2011 – H.I.G. Europe, the European arm of global private equity firm H.I.G. Capital, announced that funds advised by H.I.G. European Capital Partners LLP and its debt affiliate Bayside Capital have acquired Silentnight, Ltd, the UK’s leading bed and mattress manufacturer. This is after Silentnight was forced to file for administration following unsuccessful negotiations with the Pension Protection Fund over the company’s unserviceable pension deficit.

The deal with H.I.G. Europe secures the future of the Lancashire-based Silentnight and safeguards the jobs of its 1,250 employees.

H.I.G. Europe will take full ownership of Silentnight’s ongoing business interests, including its brands and all other assets. The acquisition of Silentnight marks H.I.G. Europe’s twelfth new deal investment in the last 12 months and sixth since the start of 2011.

Mark Kelly, of H.I.G. Europe, commented: “Silentnight is a strong, profitable business with a leading position as the largest manufacturer in its sector throughout the UK and Ireland. We are delighted to have acquired a business of this standing and heritage, and look forward to working with the current management team to further strengthen and develop its position over the coming years.”

Lionel Laurant, of Bayside Capital, commented “Silentnight had been starved of capital for many years but still retains a strong brand with a powerful market presence. H.I.G. Europe will invest in the business to support core growth and to develop new business lines.”

About Silentnight
Silentnight Group Limited is the UK’s leading bed and mattress manufacturer. Home to some of the most prestigious brand names in the industry, including Sealy UK, Rest Assured and the UK consumer superbrand, Silentnight Beds. The Lancashire-based company employs 1,250 employees. The Group prides itself on innovation and has a vision of making its brands the most sought-after in the UK and Ireland.

About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than GBP 6 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, 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 with combined revenues in excess of GBP 5 billion. For more information, please refer to the H.I.G. website at www.hig.com.

About Bayside Capital
Bayside Capital, an affiliate of H.I.G. Capital,is a credit oriented investment firm with more than GBP 3 billion under management. Focused on middle market companies, we invest across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eight offices throughout the U.S. and Europe and 200 investment professionals to draw upon, Bayside Capital has the experience, resources, and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments.

Mark Kelly

Lionel Laurant

H.I.G. European Capital Partners LLP
25 St. George Street
London W1S 1FS
T +44 (0) 207 318 5700
F +44 (0) 207 318 5749