Even in its first few hours as a public company last week, the new Horizon Global Corp. spinoff from Bloomfield Hills-based TriMas Corp. was already chasing several acquisitions.
Crain’s Detroit Business reported that Mark Zeffiro, president, CEO and co-chairman of the newly spun-off Horizon said the new company could hold a secondary offering as early as the third quarter for acquisition capital.
Zeffiro, who was in New York last week to open the New York Stock Exchange and see Horizon open for trading, said the company is looking for small manufacturers in various industries both here and abroad — but has an expansion focus on China and South America. And, he said, it is considering joint ventures with other companies.
“This is basically going to be a private-equity firm that trades as a public company,” said Sam Valenti III, the executive chairman at TriMas and co-chair with Zeffiro at Horizon.
“You want to add dry powder to the balance sheet,” he said of a secondary offering. “It gives you the flexibility to do big acquisitions. For now, we can fund acquisitions through cash flow.”
Zeffiro said current deals being looked at include several small family businesses and several that would be carve-outs from larger companies looking to generate cash.
He expects the company to close its first acquisition “in the next quarter or so.”
For the full story click here.