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Carlyle announces intent to buy HGH Infrared

22 May 2018

Defense, aerospace and diverse engineering firm attracted by award-winning, France-based surveillance specialist.

Global defense and aerospace, power and utilities asset manager Carlyle Group has announced that it has entered into exclusive discussions with HGH Infrared Systems (HGH) to acquire a majority stake in the specialist provider of infrared technology solutions.

Equity for the transaction will be provided by the Carlyle Europe Technology Partners III fund and it is expected to close in Q3/4 of 2018. Financial details were not revealed.

Founded in 1982 and headquartered in Igny, France, HGH develops optoelectronic and infrared systems and software for surveillance applications, test & measurement and industrial thermography to “blue-chip customers” in a range of markets.

In particular, HGH offers a range of high-end solutions for surveillance applications in the security, defense, oil & 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 & 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 recognized brands HGH Infrared Systems and Electro Optical Industries (EOI).

Thierry Campos, CEO of HGH Infrared Systems, commented, “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.

'Global footprint'

“Carlyle’s global footprint and scale as well as its experience and networks in the aerospace & defense, oil & gas and energy markets will help us to further develop the company’s international presence and to broaden our blue-chip customer base.”

Vladimir Lasocki, Managing Director and co-Head of the Carlyle Europe Technology Partners team, commented, “Demand for wide area surveillance technologies is accelerating across all geographies, with increasingly sophisticated needs for the surveillance of critical infrastructure. HGH has become a reference in its markets and has built a solid foundation for future growth.

He added, “In particular, HGH has developed a unique proposition with the Spynel, enhanced by its proprietary software for image processing and analysis allowing it to detect and see several targets at the same time at 360-degrees.”

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.”

In March 2018 globalmilitarycommunications.com reported that HGH Infrared Systems, had been presented with an award at Security & Counter Terror Expo 2019’s Awards’ Ceremony in London.

Its automatic detection & tracking software Cyclope was named “Best Counter Terror IT product” – HGH’s second award in six months. The automatic intrusion detection & tracking software was recognized for its capabilities to detect, track and identify an unlimited number of threats, on land, at sea and in the air.

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