Horizon Global Corp. announced that the company and H2 Equity Partners have mutually agreed to terminate the Brink Group acquisition agreement.
According to a press release, the acquisition will be withdrawn from regulatory review in Germany and the U.K. The Brink Group manufactures tow bars, wiring kits and towing accessories.
“Both Horizon Global and the Brink Group are two strong organizations that are leaders in the towing and trailering industry in Europe,” commented Carl Bizon, Horizon Global interim president and chief executive officer. “While the decision to acquire Brink was based on a compelling opportunity for our company, ultimately, we have mutually agreed that our best path forward is to remain independent.
“We have nothing but respect for the Brink Group team and H2 Partners as part of this process. In the near and medium term, my focus, and that of the entire Horizon Global team, is centered on evolving business conditions and executing the company’s action plan, which we believe will improve performance in our existing Horizon Americas and Europe-Africa operations.”
The company will host a conference call on June 20 at 8:30 a.m. (EDT) to discuss the termination of the Brink Group acquisition agreement and update investors on current business conditions and outlook for its global operations.