Warrantech Shareholders Approve Buyout By H.I.G.
by Alan Wolf -- TWICE, 1/3/2007
Bedford, Texas – Warrantech’s stockholders gave their blessing to a $35 million buyout of the extended service contract provider by H.I.G. Capital Partners, a private equity firm headquartered in Miami, Fla.
The deal is expected to close later this month.
The proposed acquisition was announced last June after it was unanimously approved by Warrantech’s board. At the time, chairman/CEO Joel San Antonio said in a prepared statement that the deal would provide the company with “a better opportunity to grow its business as a private company and better service our customer base. In addition H.I.G. has an excellent track record of building value in its portfolio companies by building strong financial and strategic support.”
The purchase price includes $20 million in Warrantech debt.
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