HIG Europe exits Europa Support Services after five years


facility europaPrivate equity firm HIG Capital’s European arm has exited its investment in Europa Support Services, which has been sold to Bilfinger SE.

HIG invested in the facility management services provider in 2008 in the first deal from its maiden European equity fund.

During the firm’s ownership, the company saw its revenues jump fivefold to more than £160m.

HIG Europe managing director Paul Canning said, “Despite the economic downturn, Europa has continued to deliver strong growth, executed strategic acquisitions well and delivered high quality earnings.

“We were delighted to partner with the Europa management team and we wish them all the best for the future.”

Earlier this month AltAssets reported that HIG planned to to more than double the $1.5bn of capital under management by its Middle Market team by raising a second fund.

The new vehicle, HIG Middle Market LBO Fund II, aims to raise up to $1.6bn with the firm expecting to wrap up the fundraise within a year.

HIG closed its debut mid-market fund on $1.5bn in September 2008, and has used it to focus on investments in companies with enterprise values of between $150m and $750m.

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