Asset management firm to buy HGH Infrared Systems

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An asset management company, The Carlyle Group, has entered into discussions to acquire a majority stake in HGH Infrared Systems (HGH).

The proposed transaction will be subject to customary employee consultations and regulatory approvals. Equity for the transaction will be provided by Carlyle Europe Technology Partners III and it is expected to close in Q3/4 this year.

Founded in 1982 and headquartered in Igny, France, HGH develops and sells optoelectronic and infrared systems and software for surveillance applications, test and measurement, and industrial thermography. In particular, HGH offers a range of high-end solutions for surveillance applications in the security, defence, oil and gas, and energy industries with its Spynel line of panoramic detection systems and Cyclope software for wide area surveillance.

Other solutions include equipment for electro-optical systems calibration and testing, as well as thermal scanners and pyrometric cameras for remote temperature and combustion monitoring.

HGH operates two R&D and assembly sites in the Optics Valley near Paris, France and in California, USA. The company provides solutions to clients across 40 countries through two brands: HGH Infrared Systems and Electro Optical Industries (EOI), which it purchased in 2016.

Thierry Campos, CEO of HGH Infrared Systems, said: ‘This potential partnership with Carlyle is excellent news for our customers. It will also help HGH to move to the next level and to build on our strong international growth trajectory. Through significant investment in R&D, we have positioned our company as a technology leader and we have acquired major customer references in a number of markets. Carlyle’s global footprint and scale as well as its experience and networks in the aerospace and defence, oil and gas, and energy markets will help us to further develop the company’s international presence and to broaden our blue-chip customer base.’

Cyril Bourdarot, associate director on the Carlyle Europe Technology Partners team, said: ‘Over the past few years, HGH has experienced sustained double-digit growth, driven by the company’s outstanding technology solutions, software capabilities and customer-centric approach. We believe there will be significant future demand for HGH’s proprietary technologies and we are excited to partner with Thierry and his team to support the business as it looks to expand and increase growth across different commercial end-markets.’

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