Horizon Global Corp., a manufacturer of branded towing and trailering equipment, announced that the company and H2 Equity Partners have mutually agreed to terminate the Brink Group acquisition agreement, effective June 14. As part of the termination agreement, Horizon Global agreed to pay a break fee to the Brink Group in the amount of €4.75 million (approximately $5.5 million USD).
The acquisition will be withdrawn from regulatory review in Germany and the U.K.
“Both Horizon Global and the Brink Group are two strong organizations that are leaders in the towing and trailering industry in Europe,” said Carl Bizon, Horizon Global interim president and CEO. “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.”
